17 Dec 2020
Irvine, CA – December, 2020 – Talonvest Capital, Inc., a boutique mortgage brokerage firm, negotiated a $59,500,000 refinance bridge financing on behalf of new client, LSC Development, LLC. The financing was secured by three recently constructed, Class-A storage facilities located in Oceanside, Garden City and Hewlett, New York. The non-recourse bridge loan was funded by a global investment management firm willing to offer 80%+ leverage based on the extensive experience of the sponsor, superior locations, and the quality of the assets. The loan included a 48-month term with extension options, and partial repatriation of ownership equity.
All the properties benefit from irreplaceable locations in densely populated, yet substantially undersupplied trade areas on Long Island. The properties are insulated from the impacts of new supply as there is little to no developable land available due to the nature of these fully built out, mature New York submarkets. The assets, which are in various stages of lease-up, were developed by LSC and offer best-in-class design that quickly aided in accelerating leasing velocity.
Chris Barry and Jean Jodoin, Principals of LSC Development, commented “This was our first experience working with Talonvest and we were impressed by their relationships and expertise.” John Nikolich of LSC added “The Talonvest team negotiated hard on our behalf, were engaged throughout the process and delivered an attractive loan that closed quickly.” The Talonvest team representing LSC on this assignment included Kim Bishop, Jim Davies, Tom Sherlock, David Dirienzo, and Lauren Maehler.
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.
