Talonvest Capital, a boutique self-storage and commercial real estate advisory firm, alongside Metro Self Storage and their joint venture equity partner, Fremont Realty Capital, announced the closing of a $185 million loan for a class A self-storage portfolio consisting of 20 properties in Illinois, Minnesota, New Jersey, New York, Pennsylvania and Wisconsin that have a combined 1.55 million net rentable square feet.
The portfolio boasts attractive demographics in densely populated areas with growing populations and strong household incomes. In addition, there is limited new supply under construction in the trade areas, providing Metro with the opportunity to push existing customer rent increases and to raise asking rents over the next three years.
Talonvest procured a non-recourse, three-year, floating-rate bridge loan that has no covenants and capped legal costs from a leading global alternative investment firm. Loan negotiations resulted in flexibility on proceeds t
