1784 Holdings Secures $87M for Self Storage Properties
The facilities total more than 2,500 units.
1784 Holdings has received two bridge loans totaling $87 million for two ground-up self storage facilities totaling 2,524 units in Maryland and New Jersey.
Talonvest Capital arranged the loans from private credit lenders.
The larger, $63 million loan, is a pre-Certificate of Occupancy bridge loan for a facility in Bethesda, Md., with 1,560 climate-controlled units totaling 131,559 net rentable square feet. The four-year loan has full-term interest-only payments and an extension option from the lender. The property is located along River Road in a Washington, D.C.-area submarket 7 miles from the U.S. Capitol.
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Talonvest also secured a $24 million bridge loan with a two-year initial term, extension options and interest-only payments during the initial term for a facility in Monmouth Junction, N.J. The structure also includes cash management. The property will have 85,656 net rentable square feet, including 964 climate-controlled units and 55 RV and boat parking spaces. It is located on 5.7 acres on U.S. Route 1, an arterial highway carrying 61,000 vehicles a day through the area.
Previous financing deals
The developer has worked with Talonvest to secure financing in the past. In late 2024, Talonvest arranged a $41.3 million bridge loan from a REIT for a five-story, Class A self storage property with approximately 1,532 units in San Gabriel, Calif. The funds were used to repay the construction debt and cover all costs associated with the loan. The note had a three-year term with two extension options, as well as interest-only payments throughout its duration.
Earlier that year, Talonvest arranged a $36.8 million non-recourse bridge loan with a three-year term with two extension options for a 1784 Holdings self storage property in Hawthorne, Calif. The loan, which was provided by Extra Space Capital LLC, also featured full-term, interest-only payments. The property, which has three stories above ground and one level below ground, encompasses 999 units across 92,067 square feet. It delivered in 2022.
Talonvest active in self storage space
Thomas Sherlock, principal and co-founder; Kim Bishop, executive director, capital markets; Mason Brusseau, associate director and team manager; and Lauren Maehler, closing manager, were among the Talonvest team members arranging the latest transactions for 1784 Holdings.
Talonvest has closed more than $461 million in financing transactions in the past 90 days, including several other self storage deals. Earlier this month, Talonvest arranged a $53.5 million loan from New York Life Insurance Company for a three-property Southern California self storage portfolio owned by Investec Real Estate Cos. The portfolio totals 1,818 units and 243,496 net rentable square feet across assets in Highland, Goleta and Murrieta, Calif.
Last month, Talonvest arranged a $47.7 million permanent loan from an unidentified bank to refinance a six-property portfolio with more than 600,000 square feet of space in Texas for The Jenkins Organization and Clark Investment Group.
In July, the firm secured $57.7 million to refinance seven Class A self storage properties in Florida for HIP Real Estate Services & Investments. The properties total 4,598 units and 486,769 net rentable square feet.
