316 W. First St., Mount Vernon, NY/ photo credit: Talonvest Capital

NEW YORK CITY— GoodFriend Management, a self-storage company based in New York City, and its partner, Clark Investment Group based in Witchita, KS, received a $48.8 million refinance bridge loan. The refinancing was secured by three, new storage properties totaling 175,531 net rentable square feet. All located in New York, the industrial properties are at 1320 Zerega Ave. in the Bronx; 316 W. First St. in Mt. Vernon; and 175 Huguenot St. in New Rochelle.

The cash out, non-recourse, three-year, interest-only loan with extension options is priced at a competitive spread over LIBOR and features interest rate step-downs based on achieving performance hurdles at the properties. The loan was funded by a full-service commercial real estate lender affiliated with an international merchant bank. It included an interest/operating reserve, individual release provisions and prepayment flexibility.

“This bridge loan returned equity, shifted us to non-recourse, and provided us with ample time to achieve economic stabilization,” says Bob Baker, president of Clark Investment Group.

Talonvest Capital, Inc., a boutique self-storage and commercial real estate mortgage brokerage negotiated the financing. Talonvest team members representing the partnership included Kim Leslie Bishop, Jim Davies, Tom Sherlock and Eric Snyder.