Petaluma Self Storage Gets $12M Financing
Talonvest Capital Inc. provided funding for the joint venture development of a 830-unit self-storage facility in Petaluma, Calif. The property will include two buildings on a site of roughly 2 acres.
By Alexandra Pacurar
Rendering of Petaluma Self Storage
Talonvest Capital Inc. arranged the joint venture equity and construction financing to develop Petaluma Self Storage, a Class A facility offering approximately 75,000 net rentable square feet in Petaluma, Calif. A Midwestern bank experienced in ground-up storage projects provided the credit facility for the $12 million project, structuring the loan with a four-year initial term and a 36-month extension option.
“Talonvest’s debt and equity experience were invaluable in maximizing the capital structure for this development, and their constant attention to detail kept the financing process on track,” Tony Sherman, principal of Terrapin Investments, said in prepared remarks.
Two-building facility
Petaluma Self Storage will include one three-story and one single-story building, with a total of 830 climate and non-climate controlled units. Terrapin Investments will build the facility on a 1.9-acre parcel on Petaluma Boulevard. The site is visible from and accessible via Highway 101 in Sonoma County.
The Talonvest team responsible for the transaction included Jim Davies, Kim Leslie and Tom Sherlock. The joint venture equity investor is Clark Investment Group, with whom Talonvest has an exclusive national agreement to originate operating partner relationships with experienced self-storage developers.
Image courtesy of Talonvest Capital Inc.
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