IRVINE, Calif., Sept. 22, 2023 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique self-storage and commercial real estate advisory firm, along with their client GoodFriend Storage, is pleased to announce the closing of a $27.8 million bridge loan financing for a self storage facility in Cutchogue, NY on the North Fork of Long Island.
Talonvest negotiated a competitive interest rate with an experienced private lender to secure non-recourse, 2-year loan with two 6-month extension options and interest-only payments. The loan proceeds included funds for the construction of an expansion at the facility.
With limited supply in the area, GoodFriend Storage North Fork is primed for success. The facility is located along the main east-west thoroughfare North Road, averaging over 16,000 VPD. It spans 123,174 square feet of net rentable space with a unit mix of 690 climate, 213 non-climate-controlled, and 87 warehouse/portable units.
Marc Slayton, President and CEO of GoodFriend Storage, commented, "For many years, Talonvest has been indispensable to our team. Their ability to negotiate and creatively structure favorable terms that align with our business needs consistently contributes to our ongoing success."
The Talonvest team members responsible for this transaction included Britt Taylor, Jim Davies, Tom Sherlock, Ivan Viramontes, and Lauren Maehler.
About Talonvest Capital, Inc.:
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to commercial and self storage 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.
| Contact: | Daniela Valencia |
| Talonvest Capital, Inc. | |
| 949.387.2368 | |
| dvalencia@talonvest.com | |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f9553b18-dabe-41b4-8fa1-2f08107ca361
