| Source: Talonvest Capital, Inc.
IRVINE, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. and CIP Real Estate are excited to announce the successful closing of a bridge loan for the value-add acquisition of Pleasantdale Industrial Park, a 100% occupied 127,391 square foot, two building property in Doraville, GA. With its dynamic location adjacent to the I-85 in the Northeast Atlanta Corridor and just seconds north of the I-285 interchange, the business park is less than five minutes from the high-end areas of Buckhead and Chamblee and 25 minutes from Downtown Atlanta.
The 5-year loan funded by a community bank in the Southeast was priced in the mid 3.0% range and includes future advances for the capital improvement plan, 24 months of interest-only payments, a 2-year extension option, limited recourse, and no prepayment penalty. CIP Real Estate’s value-add business plan includes significant upgrades to the park, primarily in new landscaping, signage, and interior finishes. These project renovations will be essential in increasing rental rates to current market levels and in taking advantage of the rare I-85 freeway frontage. Bob Strom, Chairman of CIP Real Estate, commented “The Talonvest team delivered a well-structured loan that provides flexibility for our business plan and established a new lending relationship for us. As always, they managed the lender competition, application negotiation, due diligence, and closing process very well!”
The Talonvest team responsible for this transaction included Erich Pryor, David DiRienzo, Tom Sherlock, and Lauren Maehler.
Talonvest Capital, Inc. is a boutique real estate firm providing advisory services to commercial and self storage 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.
About CIP Real Estate
CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 6.4 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, and Atlanta. www.ciprealestate.com
Irvine, California, UNITED STATES
LOGO URL | Copy the link below