IRVINE, Calif.:Talonvest Capital Inc. and its client, 1784 Capital Holdings have a $45.5 million construction loan for the ground-up development of a state-of-the-art self-storage facility in affluent Montgomery County, adjacent to the nation’s capital.
Upon completion the property will consist of a 131,559 net rentable square feet of climate-controlled space in approximately 1,560 units on nine levels, five of which are above grade. The property will be the highest quality storage facility in the area and features a superior submarket location that is adjacent to destination retail, commercial services, high-rise luxury apartments, and condominium buildings.
The loan from an institutional investment firm’s lending platform features a competitive interest rate, a three-year loan term with an extension option, and prepayment flexibility.
Shane Albers, Chairman and CEO of 1784 Capital Holdings, stated, “Talonvest was tenacious in keeping this loan moving forward and successfully negotiated several key points, which will allow us to maintain key project performance metrics in this rising commodity price environment.” The Talonvest team members responsible for this assignment included Jim Davies, Erich Pryor, Mason Brusseau, and Tom Sherlock.
Talonvest Capital is a boutique real estate firm providing advisory services to self storage and commercial real estate investors, owners, and developers nationally.