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Marc Tropp Of Eastern Union Secures $13.3M Financing For Self Storage Facility In Worcester MA

Property Image
SOLD
$13,297,000

Massachusetts

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Self Storage126,260 SF
Sold 07/24/2024
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Property Image
SOLD

Marc Tropp Of Eastern Union Secures $13.3M Financing For Self Storage Facility In Worcester MA

80 Barber Avenue

See Similar Deals
Self Storage126,260 SF
Sold 07/24/2024
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:Self Storage
Price Per Square Foot:$105
Total Square Footage:126,260 SF
Transaction Type:Sale

The property involved in this transaction is a climate-controlled self-storage facility located at 80 Barber Avenue, Worcester, MA. It consists of 931 units and spans a total of 126,260 square feet. The sale price of the facility was $13,297,000, equating to a price per unit of $14,282 and a price per square foot of $105.

Summary of transaction details:

  • Property Type: Self Storage
  • Transaction Amount: $13,297,000
  • Units: 931
  • Square Footage: 126,260 SF
  • Price Per Unit: $14,282
  • Price Per Square Foot: $105
  • Date of Transaction: 07/24/2024
  • Broker: Marc Tropp - Eastern Union

Marc Tropp of Eastern Union was instrumental in facilitating this deal by securing $13.3 million in financing. The self-storage facility is managed by CubeSmart and includes various security features and onsite amenities. The deal succeeded despite challenges posed by previous delays from the original lender.

Players

Marc Tropp
Eastern Union
Marc Tropp
5 deals$52.4M volume
BROKER

Details

SOLD
IMAGE: Marc Tropp DATE: 07/24/2024 ADDRESS: 80 Barber Avenue MARKET: Worcester, MA ASSET TYPE: Self Storage BROKER: Marc Tropp - Eastern Union SALE PRICE: $13,297,000 UNITS: 931 ~ PPU: $14,282 SF: 126,260 ~ PPSF: $105 NOTE: Eastern Union's Marc Tropp secured $13.3 million in financing for a 931-unit, climate-controlled self-storage facility in Worcester, MA, overcoming previous delays by the original lender. The facility, managed by CubeSmart, will span 126,260 square feet and include various security features and onsite amenities.

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Debt Service Coverage Ratio (DSCR)

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