IRVINE, Calif., January 6, 2021 (GLOBE NEWSWIRE) – Talonvest Capital, Inc., a commercial real estate brokerage and self-storage firm, represented Westport Properties, Inc, and its institutional capital partner JV Heitman, in negotiating a $ 15,650,000 bridge loan for the acquisition of a newly constructed storage property in Needham, MA. The three-year, non-recourse, variable rate bridging loan had a low starting rate of 4% with interest-only payments for the term, two one-year extension options, and interest and reserves. operation.
The facility was built in 2020 and includes 92,500 NRSF in 970 storage units on a 1.90 acre site. It benefits from several high-income single-family and multi-family communities, as well as high traffic retail businesses, which surround the subject. The immediate shopping area is densely populated and about 10 miles west of downtown Boston.
More importantly, Talonvest was successful in negotiating no-lease clauses during the term of the loan despite the asset’s early lease status. The loan was closed less than 45 days after the loan application was signed. Drew Hoeven, President and CIO of Westport Properties, Inc., said, “The level of attention and advice Talonvest provided to our funding need was unique. They approached the mission as if they owned the assets and made a great loan. The members of the Talonvest team responsible for this mission included Eric Snyder, Erich Pryor, David DiRienzo, Lauren Maehler and Jim Davies.
About Talonvest Capital, Inc.
Talonvest Capital is a boutique real estate company providing advisory services to investors, owners and developers of commercial and self-storage real estate nationwide. The company uses a unique collaborative team approach, emphasizing the institutional knowledge and expertise acquired over the past four decades by its team members, to deliver better capital solutions to its clients.
About Westport Properties and the US Storage Centers
Founded in 1985, Westport Properties and US Storage Centers (“WPI”) is an owner-operator of self-storage facilities across the country. The Company is a fully integrated operator which develops, acquires and manages its portfolio. In addition, the Company provides third party management services. As of December 2020, it had approximately eleven million rentable square feet under management and employed more than 400 people nationwide. WPI is a founding partner of 501 (c) 3 Kure-It, a nonprofit that raises funds for underfunded cancer research, and Charity Storage, a 501 (c) 3 that uses units of vacant storage to raise funds for local charities. To date, Kure-It has raised over $ 10 million and Charity Storage has raised over $ 500,000.
Talonvest Capital, Inc.