Bradenton storage facility gets $9.1M loan

A California-based real estate firm has negotiated a $9.12 million loan for a Bradenton storage facility that was built in the past few years.

Talonvest Capital recently closed the deal for Strategic Storage Trust VI Inc., a publicly registered, non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT Inc.

The loan is for SmartStop Self Storage, an 800-unit facility with 64,400 net rental square footage at 6424 14th St. W. in Bradenton. According to a statement, the loan provides five-year fixed-rate financing with two years of interest-only payments.

A subsidiary of Strategic Storage Trust VI Inc., purchased the property on 14th Street West in 2023 for $1.35 million. At the time, it was 3.69 acres of vacant commercial land, according to Manatee County property records.

Talonvest Capital has closed 40 deals with the insurance company that funded the loan, which featured a step-down prepayment penalty and no ongoing leasing covenants, the statement says.

“Collaborating with Talonvest continues to be a positive experience for us,” H. Michael Schwartz, president and CEO of Strategic Storage Trust VI, Inc., says in a statement. “They delivered a seamless, efficient process from start to finish and always impress us with their expertise in the capital markets.”