IRVINE, Calif., September 09, 2020 (GLOBE NEWSWIRE) – Talonvest Capital, Inc. and CIP Real Estate are delighted to announce the successful closing of a bridge loan for the value-added acquisition of Pleasantdale Industrial Park, a busy 127 391 square foot, two building property in Doraville, GA. With its dynamic location adjacent to I-85 in the Northeast Atlanta Corridor and seconds north of the I-285 interchange, the business park is less than five minutes from upscale neighborhoods from Buckhead and Chamblee and 25 minutes from downtown Atlanta.
The 5-year loan financed by a community bank in the South East was valued in the average range of 3.0% and includes future advances for the capital improvement plan, 24 months of interest payments only, a 2 year extension option, limited recourse and no prepayment penalty. CIP Real Estate‘s value-added business plan includes significant improvements to the park, primarily in terms of new landscaping, signage and interior finishes. These renovations to the project will be key to raising rental rates to current market levels and to take advantage of the rare frontage of I-85. Bob Strom, President of CIP Real Estate, commented, “The Talonvest team provided a well structured loan which provides flexibility for our business plan and established a new loan relationship for us. As always, they handled the lender competition, claim negotiation, due diligence, and closing process very well! ”
The Talonvest team responsible for this transaction included Erich Pryor, David DiRienzo, Tom Sherlock and Lauren Maehler.
Talonvest Capital, Inc. is a specialty real estate company providing advisory services to investors, owners and developers of commercial and self-storage real estate throughout the United States. The company uses a unique collaborative team approach and four decades of institutional knowledge and team member expertise to deliver better capital solutions to its clients.
About CIP Immobilier
CIP Real Estate LLC is a full-service real estate investment firm focused on the acquisition, repositioning, rebranding and management of industrial assets in the West Coast, Southeast and Texas markets. Founded in 1995 and headquartered in Irvine, Calif., The company owns and manages approximately 6.4 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas , Charlotte and Atlanta. www.ciprealestate.com