It’s the owner and financier’s first deal together.
Investec Real Estate Cos. has refinanced a three-property Southern California self storage portfolio with a $53.5 million loan from New York Life Insurance Company, according to reporting by Commercial Observer. The portfolio totals 1,818 units and 243,496 net rentable square feet across assets in Highland, Goleta and Murrieta, Calif.
All three assets are operated by Extra Space Storage. The Goleta property is the largest of the three in the portfolio with 702 units and 95,192 net rentable square feet. The Highland facility has 550 units and 60,559 net rentable square feet, and the asset in Murrieta has 566 units and 87,705 net rentable square feet.
Talonvest Capital, a Newport Beach, Calif.-based commercial real estate advisory firm, arranged the five-year, full-term interest-only loan for Investec.
The partners’ first deal
This was the first financing Talonvest has secured for Investec, a Santa Barbara, Calif.-based real estate investment and management firm with more than $1.5 billion in transactions…