COSTA MESA, CA - Talonvest Capital, Inc. successfully negotiated and closed $12,230,000 of permanent financing secured by two multi-tenant industrial properties in Orange County, CA. The non-recourse, 10 year, fixed rate loans were procured on behalf of partnerships sponsored by Burke Real Estate Group, which is headquartered in Costa Mesa, CA with an office in Austin, TX. Cedar Grove Business Park is a fully occupied, 80,980 square foot, fully renovated property located in Garden Grove, CA that has extensive frontage and billboard signage on the CA-22 Freeway. Orange Technology Center is a 48,239 square foot, fully occupied, business park located on Angus Avenue in Orange, CA that includes buildings specifically built for automotive users.
While the properties are fully occupied, the loans were structured with aggressive 8.25% debt yields and relatively lower debt service coverage ratios. The recent capital market upheaval created additional challenges to the successful funding of the loans. Brian Burke, President of Burke Real Estate Group, commented “this was a very difficult transaction to close and we could not have gotten it done without Talonvest’s help and substantial efforts.”
Tom Sherlock and Eric Snyder, principals of Talonvest, created and managed the lenders competitive bid process while Laura Bogart from Talonvest orchestrated the due diligence and closing process with the conduit lender.
About Talonvest Capital, Inc.
Talonvest Capital is a boutique real estate firm providing advisory services to commercial and self storage real estate investors, owners and developers nationally. The principals of the firm have over 70 years of combined experience structuring loans and equity investments for office, industrial, retail, and apartment properties throughout the United States. In addition, they have established a dominant niche position in financing self-storage properties across the country.
About Burke Real Estate Group
Burke Real Estate Group is one of Southern California’s leading industrial and office development firms. Their capabilities include development, property and investment management, and brokerage services throughout the greater Southern California region. Additionally, they have an office in Austin, TX. Burke’s extensive experience is evidenced by the fact they have developed over 6 million square feet of industrial, office, and flex space designed for an array of users. They and their related entities currently own a portfolio totaling about 4 million square feet.