IRVINE, Calif., Feb. 18, 2021 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. and its longstanding client CIP Real Estate have successfully closed another loan for the light value-add acquisition of Cabot Business Park, a 139,808 square foot multi-tenant property with four buildings located in Hayward, CA. The business park benefits from its immediate access to Interstate 880 and Highway 92, making it centrally located and offering exceptional access to the greater San Francisco Bay area.
The non-recourse bank-funded loan has a 5-year loan term with two 12-month extension options, interest-only payments, prepayment flexibility, and no on-going leasing or financial covenants during the initial loan term. The floating rate term loan was swapped at closing resulting in an effective fixed loan pricing at a sub 3% rate. Bob Strom, Chairman of CIP Real Estate, commented, “We continue to rely on Talonvest’s superlative experience and capital relationships to create a competitive bid scenario and manage the entire loan process. With Talonvest we have certainty of close with attractively priced financing.” The Talonvest team responsible for this transaction included Erich Pryor, Mason Brusseau, 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 6.7 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, and Atlanta. www.ciprealestate.com.
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/df348bdb-5e67-423a-8b7d-cc0c9913da5b
CONTACT: Contact: Amanda Waite Talonvest Capital, Inc. 949.648.0337 firstname.lastname@example.org