Meridian Capital Group Arranges $55.5M Self Storage Refinance Loan With Citibank
$55,500,000
$50/SF
Building Size
1,100,000 SF
Asset Type
Self Storage
Closing
Jan 11, 2024
AI
A self-storage property with a size of 1,100,000 square feet was involved in a recent loan transaction. The loan, valued at $55,500,000, was provided by Citibank for the purpose of refinancing. The loan terms are set for a duration of 5 years.
Summary of transaction details
- Property Type: Self Storage
- Loan Amount: $55,500,000
- Loan Type: Refinance
- Loan Terms: 5 Years
- Lender: Citibank
- Broker: Naphtali Marrus & Benjamin Nevid - Meridian Capital Group
Naphtali Marrus and Benjamin Nevid from the Meridian Capital Group represented the parties involved in the loan transaction.
Players
Market Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93