Thursday, September 27, 2012

Talonvest Capital Negotiates Refi for Metro Self Storage

Talonvest Capital, Inc. secured an $18.75 million refinancing on a 577,000-square-foot self-storage portfolio, the second such portfolio that Talonvest has closed on behalf of Metro Self Storage this year. 

Eric Snyder, Jim Davies and Carole Stanley arranged the financing deal on a 25-year fixed-rate, fully-amortized loan funded by ING. 

The properties included in the deal are located in six states across the Eastern seaboard and the Midwest, including New York, New Jersey, Pennsylvania, Texas, Louisiana, and Florida. 

Snyder shared that banks, CMBS lenders and insurance companies were all very interested in this transaction and in developing a relationship with one of the nation’s premiere self storage operating companies. He added, "while CMBS lenders have become very aggressive recently, eliminating future interest rate risk through a 25-year fixed rate loan was one key factor in a life company prevailing in this competition."

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