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Talonvest Capital Arranges $62 Mil in Construction Loans

6/09/17

Talonvest Capital Inc recently negotiated $37.8 mil of construction financing for The William Warren Group and $24.1 mil of construction loans for Metro Self Storage. The seven individual loans were funded through four different banking institutions.

The William Warren Group storage developments will consist of approximately 310k sf of climate-controlled space on sites in Los Angeles, San Diego, and Orange Counties, CA as well as Scottsdale, AZ. Each Class A development is in a prime location with good drive-by traffic and excellent visibility.

WWG’s developments were financed through three separate regional or super-regional banks headquartered in the Midwest, West and Northeastern U.S. All of the loans were structured with four-year terms on an interest-only basis with limited recourse and extension options. A variety of lending covenants and recourse burn down provisions were the subject of focused negotiation. The Talonvest team involved in the financings included Eric Snyder, Kim Leslie, Jim Davies, Tom Sherlock, and Erich Pryor.

Metro’s three construction loans were for developments in Chadds Ford, PA and two Chicago suburbs, Naperville and Addison, IL. The financing for the Class A projects, with a combined 236k sf, totaled over $24.1 mil.

An East Coast bank funded the two suburban Chicago properties while a Midwest-based bank financed the Pennsylvania development. Loan structures included four-year terms, limited recourse with burn down, heavily negotiated transfer provisions and ongoing loan covenant provisions. Talonvest’s Kim Leslie, Tom Sherlock, and Jim Davies arranged the loans.







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