Irvine, CA – August 13, 2019 –
Talonvest Capital, Inc., a boutique mortgage brokerage firm, successfully structured over $4 million of joint venture equity for Nuvo Development through its exclusive partnership with Clark Investment Group. In addition, Talonvest negotiated a $10.4 million non-recourse construction loan with a Midwestern based bank on behalf of the ownership.
Nuvo and Clark are developing a Class-A, institutional quality self storage facility located at 1599 Memorial Dr. SE in Atlanta, GA. The facility’s competitive advantages will include its best in class design and construction, 100% climate-controlled units, high visibility and strategic placement along the south side of Memorial Drive SE in proximity to the I-20 and Moreland Avenue interchange, approximately three miles east of downtown Atlanta.
The non-recourse construction loan negotiated by Talonvest featured a 70% advance rate and interest only payments for the full 5-year loan term. The loan also provides the borrower with prepayment flexibility, allowing the opportunity to procure long-term fixed rate financing as early as possible; an important feature considering the long-term hold anticipated by Nuvo and the equity investor.
Gary Cardamone, CEO of Nuvo Development commented:
“Talonvest’s knowledge of debt and equity along with their vast network of capital relationships have once again added significant value to one of our developments.”
Talonvest principal Jim Davies added:
“Talonvest’s JV equity partnership with the Clarks has extraordinary value for best-in-class developers like Nuvo who want a long-term hold.”
The Talonvest team members responsible for this assignment included Erich Pryor and Jim Davies.
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.
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.