$23.7M Loan Secured For 2 Portland-Area Self-Storage Buildings
Leon Capital Group recently obtained $23.7M in construction financing for two self-storage developments in Portland. The institutional quality self-storage facilities will both be built on heavily traveled roads that have traffic counts of more than 25,000 vehicles per day.
The development on SE Division Street will have 113,155 SF of rentable space on a 1.72-acre site. The location on SE Powell Boulevard will have 102,692 of rentable space and sits on 1.57 acres. The 2-acre back portion of that site was recently sold to Renaissance Homes.
The two developments have separate, uncrossed loans featuring limited recourse and 42-month loan terms with interest-only payments and an 18-month extension option. They were negotiated by Talonvest Capital team members Kim Bishop, Eric Snyder and Jim Davies. Irvine, California-based Talonvest is a boutique real estate advisory firm with a niche in financing self-storage properties across the country.
Leon Capital Group, based in Dallas, already has three self-storage facilities in the Portland market. In addition to self-storage facilities, the company also has multifamily and retail buildings that are mostly in the central and southern parts of the U.S.