Devon Self Storage and their institutional JV equity partner were issued a bank balance sheet loan for their portfolio, consisting of 1,464,000 square feet, from Talonvest Capital.
"This was a complex transaction that required a very experienced broker. The Talonvest team negotiated excellent loan structure, and then tenaciously managed the closing," commented Ken Nitzberg, President and CEO of Devon Self Storage.
The portfolio, consisting of properties in Texas, Tennessee, California and Wisconsin, recieved a bank balance sheet loan with a low (L+2.75%) floating rate with IO for the full term.
About Talonvest Capital
Talonvest Capital structures debt & equity for commercial real estate owners nationwide…including a dominant niche in the self storage sector. We provide capital in all phases of the real estate cycle from development through lease-up to stabilization including construction loans, bridge loans, permanent loans, participating debt, mezzanine debt, preferred equity and joint venture equity. We work with a multitude of non-recourse & recourse sources including banks, life companies, portfolio lenders, mezz providers, equity funds, credit companies, private high net worth investors and CMBS lenders. You will receive the most aggressive and creative capital in the market as we are continually identifying new sources and evaluating existing programs for office, retail, industrial, apartment and self storage properties.
About Devon Self Storage
Since 1993, Devon Self Storage has drawn from the vast experience of their management team to achieve the highest returns for investment partners. As partners with institutional investors and private high net‐worth individuals, the Devon Self Storage team has been successful given a wide array of market conditions in meeting and exceeding these goals.