IRVINE, Calif., Sept. 23, 2019 (GLOBE NEWSWIRE) --
Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, negotiated $123.25 million in refinance loans on behalf of Metro Self Storage. The financing was accomplished through two separate notes secured by twenty-two self storage facilities located in Georgia (8), Florida (12) and Illinois (2) with over 1.5 million combined rentable square feet. The loans feature an incredibly low 3.19% fixed interest rate and 10 years of interest only payments, which will further enhance the cash yield to the ownership. The loans are non-recourse and feature individual release provisions to provide the borrower with greater portfolio flexibility in the future. The national bank that funded the loans worked closely with the Talonvest team members to successfully close these loans approximately seven weeks after the applications were signed.
Matt Nagel, Chairman of Metro Storage LLC, commented, “The day before closing Talonvest negotiated a spread decrease that created substantial interest savings for us over the life of the loan. They focused on delivering results for us all the way until the loans closed.” Dan Hryczyk, Metro’s Chief Financial Officer, added, “Refinancing 22 properties across three states takes great organization, the Talonvest team managed the entire loan process with skill and composure, especially when there was volatility in the bond market.” The Talonvest team members representing Metro Self Storage in this assignment included Eric Snyder, Kim Leslie Bishop, David DiRienzo, Tom Sherlock, and Lauren Maehler.
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners, and developers throughout the United States. The firm utilizes a unique collaborative team approach and four decades of institutional knowledge and expertise from the team members to deliver better capital solutions for its clients.
Metro Storage LLC is a privately owned, fully integrated, international self-storage company specializing in the development, construction, acquisition, and management of self-storage facilities in the USA and Central America. Metro operates under the trademark “Metro Self Storage” in the U.S. and is one of the top 10 largest owner/operators of self-storage facilities in the United States with over 135 stores covering 14 states. Metro Storage International (MSI) has an affiliate/partner in Central America which operates under the trade name “Mr. Bodeguitas”, and is Central America’s leading self-storage operator with locations throughout Guatemala, El Salvador, and Costa Rica. More information about the firm is available at www.metrostoragecorporate.com.
Pros and Cons of Self Storage SBA Loans vs. Traditional Loans
Decide wisely between SBA and traditional loans for your self-storage business. SBA offers lower down payments, but traditional loans provide lender reliability. Make informed investment choices for your storage facility.