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IRVINE, Calif., July 12, 2022 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. and Store Space Self Storage are pleased to announce the closing of a $300 million bridge lending facility negotiated to support the recently announced strategic partnership between Store Space and a Canada-based global real estate company. The venture is capitalized to build a $1 billion portfolio of institutional quality self storage assets across the United States.
The loan facility, funded by a British universal bank, includes an accordion feature to increase the facility to $500 million, a low SOFR-based floating rate during the 3-year term, and two 12-month extension options. Additional benefits negotiated include earn-out advance opportunities and interest-only payments for the life of the loan.
“Talonvest’s long-standing and deep relationship with the lender’s vice chairman was invaluable in getting this facility closed,” said Chris Harris, CEO of Winter Garden, FL-based Store Space. The Talonvest team members responsible for this assignment included Thomas Sherlock, Eric Snyder, Jim Davies, and Ivan Viramontes.
About Talonvest Capital, Inc.
Talonvest Capital is a boutique real estate firm that provides advisory services to self-storage and commercial real estate investors, owners, and developers throughout the United States. The firm utilizes a collaborative team approach, emphasizing the institutional knowledge and expertise gained over the past four decades by its team members, to structure superior capital solutions for its clients.
About Store Space Self Storage
Store Space is a self-storage operator and third-party management company. Located in Winter Garden, FL, the Company currently owns or operates more than 100 properties in 20 states. The Company fuels growth and value with its experience-driven operations, state-of-the-art proprietary platforms, and strategic digital marketing programs. If you have an acquisition opportunity or would like to discuss third-party management, contact them at inquiries@storespace.com, or visit them at www.storespace.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00632c27-dc0d-49f8-9941-97064e3b969f
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