15 Aug 2019
Irvine, CA – August 13, 2019 –
Talonvest Capital, Inc., a boutique mortgage brokerage firm, successfully structured over $4 million of joint venture equity for Nuvo Development through its exclusive partnership with Clark Investment Group. In addition, Talonvest negotiated a $10.4 million non-recourse construction loan with a Midwestern based bank on behalf of the ownership.
Nuvo and Clark are developing a Class-A, institutional quality self storage facility located at 1599 Memorial Dr. SE in Atlanta, GA. The facility’s competitive advantages will include its best in class design and construction, 100% climate-controlled units, high visibility and strategic placement along the south side of Memorial Drive SE in proximity to the I-20 and Moreland Avenue interchange, approximately three miles east of downtown Atlanta.
The non-recourse construction loan negotiated by Talonvest featured a 70% advance rate and interest only payments for the full 5-year loan term. The loan also provides the borrower with prepayment flexibility, allowing the opportunity to procure long-term fixed rate financing as early as possible; an important feature considering the long-term hold anticipated by Nuvo and the equity investor.
Gary Cardamone, CEO of Nuvo Development commented:
“Talonvest’s knowledge of debt and equity along with their vast network of capital relationships have once again added significant value to one of our developments.”
Talonvest principal Jim Davies added:
“Talonvest’s JV equity partnership with the Clarks has extraordinary value for best-in-class developers like Nuvo who want a long-term hold.”
The Talonvest team members responsible for this assignment included Erich Pryor and Jim Davies.
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to self storage and commercial 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.
