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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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
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