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Talonvest Arranges $46M Construction Loan on Bethesda Storage Facility
Talonvest Capital, Inc. and its client, 1784 Capital Holdings, have closed a $45,500,000 construction loan for the ground-up development of a self-storage facility in Bethesda, MD. The loan from an institutional investment firm’s lending platform features a competitive interest rate, a three-year loan term with an extension option, and prepayment flexibility.
The property will consist of 131,559 net rentable square feet of climate-controlled space in approximately 1,560 units on nine levels. It will be located adjacent to destination retail, commercial services, high-rise luxury apartments, and condominium buildings.
Shane Albers, chairman and CEO of 1784 Capital Holdings, said, “Talonvest was tenacious in keeping this loan moving forward and successfully negotiated several key points, which will allow us to maintain key project performance metrics in this rising commodity price environment.”
The Talonvest team members responsible for this assignment included Jim Davies, Erich Pryor, Mason Brusseau, and Tom Sherlock.
- ◦Financing
