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Talonvest Capital Negotiates $10.8M of JV Equity and Construction Debt for Cranberry Township, PA Storage Development

1116 Days ago

IRVINE, Calif., May 02, 2019 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique mortgage brokerage firm, successfully structured over $3 million of joint venture equity for Nuvo Development through its exclusive partnership with Clark Investment Group.  In addition, Talonvest negotiated a $7.8 million non-recourse construction loan with a Midwestern bank on behalf of the joint venture.  Nuvo and Clark are developing a Class-A, institutional quality self storage facility on a 97,000 square foot parcel of land located at 20701 Route 19, Cranberry Township, Butler County, PA.  The development has a competitive position in an undersupplied trade area with frontage along Route 19, a major thoroughfare in the immediate area. 

Unique among JV equity investors, the Clark Investment Group structures its equity capital for a long-term hold.  The construction loan also had several unique features including a non-recourse 70% loan-to-cost advance rate, a 5-year loan term, and interest only payments for the full term.

Gary Cardamone, CEO of Nuvo Development, commented, “Talonvest’s partnership with the Clark Investment Group helped us access unique long-term hold oriented equity capital.  Plus, their extensive lending relationships resulted in an attractively structured and priced construction loan.  The Talonvest team was knowledgeable, communicative, and delivered results.”  The Talonvest employees responsible for this assignment included Tom Sherlock, Jim Davies and Erich Pryor. 

About Talonvest

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.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a5173745-3dfd-4adf-9e54-13173982eb00

Amanda Waite
Talonvest Capital, Inc.

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