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Get Space Gets Loan for Two Self-Storage Facilities
Talonvest Capital Inc. and its client Get Space LLC recently closed a $16 million life insurance company 10-year fixed-rate loan secured by two self-storage facilities in the Pacific Northwest. The Portland, OR and Vancouver, WA properties have 122,000 combined net rentable square feet in 1,257 storage units and feature climate-controlled units as well as non-climate-controlled exterior units at the Vancouver site. The Vancouver property was completed in 2018 while the Portland site was expanded and renovated in 2018.
This unique loan program sourced by Talonvest provided the borrower permanent financing prior to economic stabilization at the properties. Elimination of future interest rate risk during the next 12 to 18 months was an important benefit for Get Space. The non-recourse loan also allowed for 30 months of interest-only loan payments.
The Talonvest team responsible for this assignment included Erich Pryor, David DiRienzo, Jim Davies and Tom Sherlock.
- ◦Sale/Acquisition
- ◦Financing
