World News: 00:03 GMT Tuesday 14th January 2020. [Talonvest Capital, Inc. via Globe Newswire via SPi World News]
IRVINE, Calif., Jan. 13, 2020 (GLOBE NEWSWIRE) -- Talonvest Capital, Inc., a boutique mortgage brokerage firm, negotiated individual refinance loans on behalf of repeat client, The Bascom Group, LLC, for three multi-family communities, two in California and one in Nevada. A commercial bank in Texas funded a $16.5M loan secured by Casanova Grove Apartments, a 76-unit apartment complex in Monterey, California and a $4.8M loan for Michigan Heights Apartments, a 28-unit apartment complex located in Los Angeles, California. Both loans have four-year terms with 36 months of interest only payments and multiple extension options. Loan proceeds will be used for the addition of new units and general property renovations such as new flooring, appliance upgrades, miscellaneous interior repairs, etc.
The third bridge loan in the amount of $9,700,000 was secured by Pebble Cove Apartments, a 90-unit multi-family community strategically located at 5101 O’Bannon Drive in Las Vegas, Nevada within close proximity to the McCarran Airport, Las Vegas Strip, Las Vegas North Premium Outlets, Spring Valley Hospital Medical Center and Downtown Las Vegas. Talonvest negotiated with a Midwest based commercial bank to deliver a LIBOR floating-rate loan with a five-year term, three years of interest only payments, and prepayment flexibility after the first loan year.
Jerry Fink, Managing Partner at Bascom, commented, “Talonvest continues to deliver attractive loan terms for us through their extensive capital markets relationships. They exceeded our expectations, their execution was seamless, and all loans closed in an efficient, timely manner.” The Talonvest team representing Bascom on these assignments included Erich Pryor, Tom Sherlock, and Eric Snyder.
Contact:Amanda WaiteTalonvest Capital, Inc.949.648.0337
A photo accompanying this announcement is available at:
Globe Newswire: 00:03 GMT Tuesday 14th January 2020
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