{"id":1004179726,"date":"2017-06-08T02:43:00","date_gmt":"2017-06-08T10:43:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004179726"},"modified":"2022-12-08T05:32:36","modified_gmt":"2022-12-08T13:32:36","slug":"talonvest-arranges-62m-in-financing-for-self-storage-developments","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/talonvest-arranges-62m-in-financing-for-self-storage-developments\/","title":{"rendered":"Talonvest Arranges $62M in Financing for Self-Storage Developments"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004179727\" style=\"width: 273px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Climated-Controlled-Self-Storage-Facility.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004179727\" data-attachment-id=\"1004179727\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/talonvest-arranges-62m-in-financing-for-self-storage-developments\/climated-controlled-self-storage-facility\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Climated-Controlled-Self-Storage-Facility.jpg\" data-orig-size=\"350,400\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Climated Controlled Self-Storage Facility\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Climated-Controlled-Self-Storage-Facility.jpg?w=350\" class=\"wp-image-1004179727 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Climated-Controlled-Self-Storage-Facility.jpg\" alt=\"Climated Controlled Self-Storage Facility\" width=\"263\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Climated-Controlled-Self-Storage-Facility.jpg 350w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Climated-Controlled-Self-Storage-Facility.jpg?resize=263,300 263w\" sizes=\"auto, (max-width: 263px) 100vw, 263px\" \/><\/a><p id=\"caption-attachment-1004179727\" class=\"wp-caption-text\">Climated Controlled Self-Storage Facility<\/p><\/div>\n<p>Talonvest Capital Inc. negotiated a $37.8 million construction financing for The William Warren Group and a $24.1 million construction loan for Metro Self Storage. The loans are for seven self-storage developments in California, Arizona, Pennsylvania and Illinois.<\/p>\n<p>The company negotiated the loans through four different banking institutions, reflective of the changing market environment.<\/p>\n<p>The William Warren Group will use the $37.8 million for the development of approximately 310,000 square feet of climate controlled facilities on sites located in Los Angeles, San Diego and Orange County as well as in Scottsdale, Ariz. The loans were financed through three separate regional banks\u2014headquartered in the Midwest, West and Northeastern U.S\u2014 all\u00a0of them being structured with four-year terms on an interest-only basis with limited recourse and extension options. The Class A developments will benefit from a prime location with good drive-by traffic and excellent visibility.<\/p>\n<p>Eric Snyder, Kim Leslie, Jim Davies, Tom Sherlock and Erich Pryor of Talonvest represented the borrower. \u201c<em>Talonvest&#8217;s capital market expertise and construction lending knowledge were instrumental in getting us a loan structure that worked,<\/em>&#8221; said Tim Hobin, executive vice president of William Warren Group, in a prepared remark.<\/p>\n<p>Metro Self Storage will use the three construction loans in the total amount of $24.1 million for the development of more than 236,000 square feet of self-storage facilities located in Chadds Ford, Pa., Naperville, Ill. and Addison, Ill. The loans\u00a0for the Class A projects have four-year terms,\u00a0limited recourse with burn down, heavily negotiated transfer provisions and on-going loan covenant provisions. A Midwestern bank financed the Pennsylvania development and an East Coast bank financed the two suburban Chicago properties.<\/p>\n<p>The borrower was represented by Senior Relationship Manager Kim Leslie and principals Tom Sherlock and Jim Davies of Talonvest. &#8220;<em>The construction lending market has changed significantly over the last year making Talonvest&#8217;s knowledge and relationships even more valuable for us,<\/em>&#8221; said Matt Nagel, chairman of Metro Storage LLC, in a prepared statement.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/talonvest-lends-a-hand-to-self-storage-investors\/\" target=\"_blank\" rel=\"noopener noreferrer\">Talonvest arranged<\/a> in the first quarter of 2017 loans adding up to $36 million for various self-storage owners in the Los Angeles area, San Diego area, Dallas and Denver. William Warren Group benefited then from a $10.2 million construction loan for the development of a self-storage facility in the San Diego area. \u00a0<\/p>\n<p><em>Image courtesy of Metro Self Storage<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company secured seven construction loans through four different banking institutions on behalf of The William Warren Group and Metro Self Storage.<\/p>\n","protected":false},"author":1192,"featured_media":1004179727,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,23891,21742],"tags":[36047,33581,36046],"class_list":["post-1004179726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-national","category-latest","tag-metro-self-storage","tag-talonvest-capital-inc","tag-the-william-warren-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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