{"id":1004355074,"date":"2019-09-25T02:31:29","date_gmt":"2019-09-25T10:31:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004355074"},"modified":"2025-02-28T00:26:21","modified_gmt":"2025-02-28T08:26:21","slug":"metro-self-storage-refinances-22-properties-in-3-states-for-123m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metro-self-storage-refinances-22-properties-in-3-states-for-123m\/","title":{"rendered":"Metro Self Storage Scores $123M in Refis for 22 Assets"},"content":{"rendered":"
\"One<\/a>

One of Metro’s self storage properties in Atlanta. Image courtesy of Talonvest Capital Inc. <\/em><\/p><\/div>\n

Metro Self Storage has refinanced loans for 22 properties across three states totaling 1.5 million square feet of space. Talonvest Capital Inc. arranged the $123 million financing package, funded by a national bank in two separate notes and secured by eight facilities in Georgia, 12 in Florida and two in Illinois.  <\/p>\n

\u201cManaging a 22-property, three-state portfolio financing required significant attention to detail and organization,\u201d<\/em> Metro Senior Relationship Manager Kim Leslie Bishop told Commercial Property Executive.<\/em> \u201cOrchestrating that effort when Treasury yields and lender spreads were in flux increased the challenge and made time of the essence. Talonvest\u2019s team coordinated the borrower, lender, vendors, attorneys etc. to capture an extremely competitive rate \u2026 just weeks before yields widened 40 basis points,\u201d s<\/em>he added. Talonvest\u2019s team representing the borrower also included Co-Founders & Principals Eric Snyder and Tom Sherlock, Analyst David DiRenzo and Loan Administrator Lauren Maehler.<\/p>\n

\n

READ ALSO: <\/strong>Multi-State Self-Storage Portfolio Lands $47M Bridge Loan<\/a><\/p>\n

\n
\"One<\/a>

One of Metro’s self storage properties in Chicago. Image courtesy of Talonvest Capital Inc.<\/em><\/p><\/div>\n

The loans have a 3.19 percent fixed-interest rate and 10 years of interest-only payments. They are non-recourse and feature individual release provisions to provide the borrower with greater portfolio flexibility in the future. The loans were closed approximately seven weeks after the applications were signed, no small feat because of the volatility that was occurring at the time in the bond market, according to Dan Hryczyk, Metro\u2019s CFO. Matt Nagel, chairman of Metro Storage LLC, also noted in a prepared statement that the day before the closing, Talonvest negotiated a spread decrease that created substantial savings over the life of the loans for the company.<\/p>\n

Based in the Chicago area, Metro is the fifth largest privately held self storage company in the U.S. The company has more than 135 stores across 14 states. It also operates with an affiliate\/partner in Central America and is the region\u2019s leading self storage operator with locations in Guatemala, El Salvador and Costa Rica.<\/p>\n

More storage deals<\/h2>\n
\"One<\/a>

One of Metro’s self storage properties in Tampa, Fla. Image courtesy of Talonvest Capital Inc. <\/em><\/p><\/div>\n

In May, Metro secured a $78 million refinancing loan for eight properties<\/a> in Illinois, New Jersey and Pennsylvania. The deal was also arranged by Talonvest, which negotiated a non-recourse, four-year loan. The financing, provided by an insurance company, included full-term interest-only payments as well as reserves for interest and operations at the properties.<\/p>\n

Earlier this month, Talonvest arranged a $10.3 million financing for Go Store It<\/a>, the self storage branch of Madison Capital Group. The loan includes $4.8 million in construction financing and $5.5 million in bridge financing. The five-year, fixed-rate construction loan was for the development of a 62,811-square-foot Class A facility in Louisville, Ky. The loan features 36 months of interest-only payments and a prepayment burndown schedule. Talonvest\u2019s Snyder and Bishop were part of the team that secured the financing deal.<\/p>\n","protected":false},"excerpt":{"rendered":"

Talonvest Capital Inc. arranged the loans in two separate notes that each featured a 3.19 percent interest rate and 10 years of interest-only payments.<\/p>\n","protected":false},"author":1068,"featured_media":1004355086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,23891,21742],"tags":[33855,47147,36047,33581],"class_list":["post-1004355074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-national","category-latest","tag-eric-snyder","tag-matt-nagel","tag-metro-self-storage","tag-talonvest-capital-inc"],"acf":[],"yoast_head":"\nMetro Self Storage Scores $123M in Refis for 22 Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/metro-self-storage-refinances-22-properties-in-3-states-for-123m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Metro Self Storage Scores $123M in Refis for 22 Assets\" \/>\n<meta property=\"og:description\" content=\"Talonvest Capital Inc. arranged the loans in two separate notes that each featured a 3.19 percent interest rate and 10 years of interest-only payments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/metro-self-storage-refinances-22-properties-in-3-states-for-123m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-25T10:31:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-28T08:26:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Atlanta.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1506\" \/>\n\t<meta property=\"og:image:height\" content=\"1129\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/metro-self-storage-refinances-22-properties-in-3-states-for-123m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/metro-self-storage-refinances-22-properties-in-3-states-for-123m\/\",\"name\":\"Metro Self Storage Scores $123M in Refis for 22 Assets - 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