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CST: 25/05/2019 19:15:40   

Talonvest Secures $29.6M Construction Loan for Downtown Los Angeles Development

107 Days ago

Located in one of the most dynamic residential markets in the nation

IRVINE, Calif., Feb. 07, 2019 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique self storage and commercial real estate advisor, successfully negotiated a $29.6 million construction loan for the development of an approximately 188,600 rentable square foot self storage facility at 960 and 1000 Main Street in Los Angeles, CA.  World Class Capital Group / Great Value Storage is developing this state-of-the-art, Class A property which will have 2,036 climate-controlled units and 53 covered parking spaces.  GVS/WCCG have developed or are in the process of developing over 1 million square feet in Los Angeles.  The three level, plus basement, Main Street project is on 2.4 acres centrally located in the rapidly developing Chinatown neighborhood north of downtown Los Angeles, which has been among the most dynamic residential markets in the nation.  The property is ideally located to serve the growing community, has convenient access to the 101, 110, 5 and 10 Freeways, and is within walking distance to Chinatown Metro Station and Union Station, the largest railroad passenger Terminal in the Western U.S.

Notably, Talonvest delivered a non-recourse construction loan with a 7-year fixed interest rate and prepayment flexibility so the borrower could minimize future interest rate risk while maintaining flexibility for their business plan.  The loan was negotiated with a Southern California based community bank.  Nate Paul, President & CEO of World Class Capital Group, stated that “We are a repeat client of Talonvest because they deliver outstanding results.  Their team is knowledgeable, reliable, and responsive.”  The Talonvest team involved in this financing included Jim Davies, Tom Sherlock, Kim Leslie Bishop, and Terra Hendrich.

About Talonvest Capital, Inc.
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.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e367880d-5d06-4075-942a-1fb6055159cf

Contact:    

Amanda Waite
Talonvest Capital, Inc.
949.648.0337
awaite@talonvest.com 

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