New York Life Provides $54M Refi for California Self-Storage Portfolio

Investec Real Estate Companies has secured $53.5 million to refinance a portfolio of three self-storage assets in Central and Southern California that span 253,496 rentable square feet and hold 1,818 units, according to a release. 

New York Life provided the debt, structured as a five-year, full-term, interest-only loan, while Talonvest Capital’s Andrew Marshall, Kim Bishop, Mason Brusseau and Lauren Maehler arranged the transaction. 

Kenny Slaught, president of Investec Real Estate, praised Talonvest Capital in a statement and noted that the financing deal saved his firm $400,000 in interest over the loan term. Slaught added that the loan includes an early rate lock, protecting Investec from any interest rate changes that occur prior to closing.

“Talonvest understood our objectives, identified the right capital source, and delivered a loan that exceeded our expectations,” Slaught said. “Their capital markets expertise and ability to negotiate superior terms created meaningful value for our portfolio.”

The three self-storage assets are in the California cities of Highland, Goleta and Murrieta. 

Brian Pascus can be reached at bpascus@commercialobserver.com.