As published by GlobeNewsWire / February 21, 2019
IRVINE, Calif., Feb. 21, 2019 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. and CIP Real Estate are pleased to share that they recently completed another successful financing together. The $22.45M bridge loan enabled the acquisition of Fremont Business Center, a well leased, multi-tenant R&D business park just north of the Silicon Valley, the technology capital of the United States. The non-recourse bank loan with a 4-year term will finance up to 68% of total project costs, including future funding for capital improvements and leasing costs. Eric Smyth, Principal and CEO of CIP Real Estate, commented, “We got the best combination of pricing, terms, and flexibility on this loan because of the competition Talonvest created. We’ve worked with their team for many years because they always save us time and money.”
Fremont Business Center consists of five, high-quality R&D buildings totaling 148,926 square-feet in Fremont, CA. The property offers a diverse range of suite sizes from 5,736 SF to 28,391 SF with office-lab-warehouse components to capture a variety of tenant uses. Fremont Business Center will benefit from additional capital improvements, supplementing recently completed upgrades, ample parking, the staggered tenant rollover at below market existing rental rates, and individually parceled buildings. The Talonvest team involved in this transaction included Erich Pryor, Tom Sherlock, and Eric Snyder.
About CIP Real Estate
CIP Real Estate was founded in 1995 as a real estate investment company specializing in the acquisition, development, repositioning and management of office, business and industrial parks. CIP Real Estate and its institutional partners have purchased approximately 10 million square feet of office, business and industrial parks with an acquisition value in excess of $1.1 Billion. Headquartered in Irvine, California, CIP Real Estate also has full service real estate offices in Riverside, California, Upland, California, Ontario, California; Hayward, California, Las Vegas, Nevada; and Charlotte, North Carolina.
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.