Talonvest Capital Secures JV Equity and Construction Debt for Atlanta Storage Development
IRVINE, Calif., Aug. 13, 2019 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique mortgage brokerage firm, successfully structured over $4 million of joint venture equity for Nuvo Development through its exclusive partnership with Clark Investment Group. In addition, Talonvest negotiated a $10.4 million non-recourse construction loan with a Midwestern based bank on behalf of the ownership.
Nuvo and Clark are developing a Class-A, institutional quality self storage facility located at 1599 Memorial Dr. SE in Atlanta, GA. The facility’s competitive advantages will include its best in class design and construction, 100% climate-controlled units, high visibility and strategic placement along the south side of Memorial Drive SE in proximity to the I-20 and Moreland Avenue interchange, approximately three miles east of downtown Atlanta.
The non-recourse construction loan negotiated by Talonvest featured a 70% advance rate and interest only payments for the full 5-year loan term. The loan also provides the borrower with prepayment flexibility, allowing the opportunity to procure long-term fixed rate financing as early as possible; an important feature considering the long-term hold anticipated by Nuvo and the equity investor.
Gary Cardamone, CEO of Nuvo Development commented, “Talonvest delivered the full capital stack for us; long-term hold JV equity through their partnership with Clark Investment Group and a non-recourse construction loan through their extensive network of capital providers.”
Talonvest principal Jim Davies added, “Talonvest’s JV equity partnership with Clark has extraordinary value for best-in-class developers like Nuvo who want a long-term hold.” The Talonvest team members responsible for this assignment included Erich Pryor and Jim Davies.
About Talonvest
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to self storage and commercial 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: https://www.globenewswire.com/NewsRoom/AttachmentNg/0d8ac34b-ffd2-439c-af2d-517b5b8607aa
Contact: Amanda Waite Talonvest Capital, Inc. 949.648.0337 awaite@talonvest.com
Class-A, institutional quality self storage facility
Located at 1599 Memorial Dr. SE in Atlanta, GA
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