IRWIN, CA, June 22, 2021 (GLOBE NEWSWIRE) – Talonvest Capital, Inc., a self-storage and commercial real estate mortgage brokerage, represented Magellan Value Partners in structuring a $ 14.4 million warehouse construction loan for development 106,582 square feet of net leasable area, Class A, state-of-the-art facility in Azusa, California. The construction loan provided for a five-year fixed interest rate, four-year interest only, and limited recourse. In addition, the loan is open for prepayment at any time without penalty and includes the option of a five-year extension.
MVP acquired the site in 2019 and has completed a rigorous storage authorization process. The architecturally striking three-story plus basement facility will include climatic and non-climatic options at 1,150 units. This project is a great success due to its prominent location on the main highway next to heavy traffic I-210, Los Angeles’s main east-west freeway, excellent signal intersection access and good visibility.
Somi Mukherjee, Managing Partner at Magellan, commented, “Talonvest’s deep knowledge of capital markets and negotiating skills with lenders was evident to us when they were managing this financing. We look forward to working with the Talonvest team again. ” Eric Snyder, Kim Bishop, David DiRienzo, Lauren Maler and Jim Davis were the Talonvest team members in charge of this assignment.
About Talonvest Capital, Inc.
Talonvest Capital is a boutique real estate firm providing advisory services to investors, owners and developers of warehouse and commercial real estate at the national level. The firm takes a unique team approach to collaboration, focusing on the institutional knowledge and experience accumulated over the past four decades by its team members to deliver the best investment solutions for its clients.