Talonvest Capital, Inc., a boutique self storage and commercial real estate mortgage brokerage firm, structured an $11,100,000 construction loan on behalf of GoodFriend Self-Storage and their institutional joint venture equity partner, whom Talonvest had previously sourced, to finance the development of a Class A, state-of-the-art self storage facility on a 2.21-acre site in Bedford Hills, NY. Upon completion, the architecturally attractive storage facility with 68,314 net rentable square feet in 691 units will appeal to today’s high-end consumer.
The construction loan was funded by a national bank and features a four-year loan term with a one-year extension and floating rate pricing in the low 200’s over LIBOR. Additional valuable benefits negotiated for the borrower include no index floor, no prepayment penalty, partial recourse that burns down when the property achieves specific metrics, and an opportunity for the recourse to completely burn off.
Marc Slayton, President of GoodFriend Self-Storage commented, “Talonvest continues to impress us with their financing expertise and capital relationships. I have great confidence in their ability to perform and look forward to working with them on our next financing.” Jim Davies, Erich Pryor, David DiRienzo, and Thalia Tovar were the Talonvest team members responsible for this assignment.
About Talonvest Capital, Inc.
Talonvest Capital is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners, and developers nationally. The firm utilizes a unique, collaborative team approach, emphasizing the institutional knowledge and expertise gained over the past four decades by its team members, to deliver better capital solutions for its clients.
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