Talonvest Secures a $21.4 Million Loan for Apartment Community
IRVINE, CA–(Marketwired – November 09, 2017) – Talonvest Capital, Inc. is pleased to announce the successful funding of a $21,400,000 refinance loan for Bascom San Francisco’s fully renovated LUXE 1801 Apartment Homes. The 109-unit garden style apartment community located at 1801 W. Garvey Avenue in Alhambra, CA, a non-rent controlled city in Los Angeles County near downtown LA and Old Town Pasadena, was acquired in October 2015 and has undergone significant interior and exterior improvements. The new cash out financing will provide funds to complete remaining upgrades including common area enhancements such as fitness center and lobby improvements, landscape upgrades, exterior paint enhancements, the addition of a fire pit lounge and resident club room.
The non-recourse, three-year floating rate loan is priced at a low spread over LIBOR, has interest only payments during the initial term, and affords several extension options. The loan was funded on balance sheet by one of the fifty largest banks in the United States.
Brian Wirtz, Managing Partner of Bascom San Francisco, commented, “We are certain that Talonvest will bring a good value to our acquisitions in California, Oregon and Washington.” Calvin Ruan, Principal of Bascom San Francisco, added, “Through Talonvest’s knowledge and negotiating influence, our loan amount increased $1.1 million while our interest rate decreased fifty basis points. They created a competitive environment for the loan and delivered results that exceeded our expectations.” The Talonvest team handling the transaction included Tom Sherlock, Erich Pryor, and Terra Hendrich. Sherlock noted, “We’re grateful to have earned the trust of Bascom San Francisco, a high quality firm with an exceptional reputation. We look forward to helping them optimize other financings in the future.”
Talonvest Capital, Inc. is a boutique real estate firm that provides advisory services to commercial and self storage real estate investors, owners, and developers throughout the United States. The principals of the firm have over 85 years of combined experience structuring loans and equity investments for office, industrial, retail, self storage, and apartment properties.
About Bascom San Francisco: The Bascom San Francisco, LLC is a private equity firm specializing in urban infill multifamily communities along the West Coast. It operates in all major metro areas along the West Coast with a presence in Los Angeles, the San Francisco Bay Area, Seattle, Portland and Salt Lake City. The Managing Members are The Bascom Group, LLC, of Irvine, CA and Brian Wirtz, who is based in the San Francisco office. Bascom SF seeks communities with strong locations and implements long term value enhancements and institutional quality property management..
Talonvest Capital, Inc.