New York Life has provided $53.5 million in financing for a portfolio of three self-storage facilities located in Central and Southern California. The properties comprise a rentable area of 253,496 square feet and house 1,818 units, according to a press release. The loan agreement is structured as a five-year, full-term, interest-only loan.
The transaction was arranged by Andrew Marshall, Kim Bishop, Mason Brusseau, and Lauren Maehler of Talonvest Capital. The sponsor on the borrower's side was Investec Real Estate Companies, represented by Kenny Slaught.
Benefits of the Financing Structure
Kenny Slaught, President of Investec Real Estate, expressed appreciation for Talonvest Capital, highlighting that the financing enabled his company to save $400,000 in interest over the entire loan term. Slaught also noted that the loan included an early rate lock. This protects Investec from potential interest rate changes that might occur before closing.
Slaught explained that Talonvest understood his company's objectives, identified the appropriate capital source, and provided a loan that exceeded expectations. He added that Talonvest's expertise in capital markets and ability to negotiate superior terms had created significant added value for the portfolio.
Property Locations
The three self-storage properties are located in the Californian cities of Highland, Goleta, and Murrieta. The exact breakdown of units and areas per location was not disclosed.
- —Highland, California
- —Goleta, California
- —Murrieta, California
