IRVINE, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. and CIP Actual Property are excited to announce the profitable closing of a bridge mortgage for the value-add acquisition of Pleasantdale Industrial Park, a 100% occupied 127,391 sq. foot, two constructing property in Doraville, GA. With its dynamic location adjoining to the I-85 within the Northeast Atlanta Hall and simply seconds north of the I-285 interchange, the enterprise park is lower than 5 minutes from the high-end areas of Buckhead and Chamblee and 25 minutes from Downtown Atlanta.
The 5-year mortgage funded by a group financial institution within the Southeast was priced within the mid three.zero% vary and contains future advances for the capital enchancment plan, 24 months of interest-only funds, a 2-year extension possibility, restricted recourse, and no prepayment penalty. CIP Actual Property’s value-add marketing strategy contains vital upgrades to the park, primarily in new landscaping, signage, and inside finishes. These undertaking renovations will probably be important in growing rental charges to present market ranges and in profiting from the uncommon I-85 freeway frontage. Bob Strom, Chairman of CIP Actual Property, commented “The Talonvest staff delivered a well-structured mortgage that gives flexibility for our marketing strategy and established a brand new lending relationship for us. As all the time, they managed the lender competitors, software negotiation, due diligence, and shutting course of very effectively!”
The Talonvest staff chargeable for this transaction included Erich Pryor, David DiRienzo, Tom Sherlock, and Lauren Maehler.
Talonvest Capital, Inc. is a boutique actual property agency offering advisory providers to business and self storage actual property traders, homeowners, and builders all through america. The agency makes use of a novel collaborative staff strategy and 4 many years of institutional data and experience from the staff members to ship higher capital options for its shoppers.
About CIP Actual Property
CIP Actual Property LLC is a full-service actual property funding firm targeted on the acquisition, repositioning, re-branding, and administration of business belongings all through West Coast, Southeast, and Texas markets. Based in 1995 and primarily based in Irvine, CA, the corporate owns and manages roughly 6.four million sq. toes of high quality properties, with places of work in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, and Atlanta. www.ciprealestate.com