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Insurer Writes $47M Refi for Metro Self Storage

Talonvest Capital, a mortgage brokerage firm specializing in the self-storage sector, recently negotiated a $47.4-million refinance-bridge loan secured by seven separate properties for Lake Forest, IL-based Metro Self Storage. The properties are located in Illinois, Minnesota, Wisconsin and New Jersey, and are in the early lease-up stage.

Although several lenders vied for the refi, ultimately it was an insurance company that funded the non-recourse, three-year loan with extension options. Loan proceeds were used to retire the recourse construction financing from various commercial banks.

Talonvest’s Kim Leslie Bishop, Jim Davies, Tom Sherlock, Eric Snyder, and Terra Hendrich represented Metro, “The Talonvest team understood our objectives, knew the right lenders to bring into the competition, negotiated a great loan, and helped us establish a new lending relationship,” said Metro president Martin Gallagher.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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