StorageBlue Refinances Self Storage Portfolio In New Jersey For $61M With Lender ULLICO
FINANCED
$61,000,000
New Jersey
See Similar DealsSelf Storage
Financed 12/23/2022
FINANCED
StorageBlue Refinances Self Storage Portfolio In New Jersey For $61M With Lender ULLICO
Jersey City, New Jersey, United States
See Similar DealsSelf Storage
Financed 12/23/2022
Summary
NEW JERSEY
Asset Type:Self Storage
Transaction Type:Loan
The self storage portfolio located in Jersey City, Hoboken, Union City, Newark, and Garfield has recently undergone a refinancing loan. The loan, amounting to $61,000,000, was secured by United Labor Life Insurance Company (ULLICO). The loan terms are floating-rate, providing flexibility for the borrower.
Summary of transaction details:
- Property Type: Self Storage
- Loan Amount: $61,000,000
- Loan Type: Refinancing Loan
- Loan Terms: Floating-rate
- Address: Self Storage Portfolio
- Market: Jersey City, Hoboken, Union City, Newark & Garfield
The deal was facilitated by Richard Horowitz and Justin Horowitz of Cooper Horowitz, who acted as brokers in the transaction. The landlord of the self storage portfolio is StorageBlue, represented by Alan Mruvka. Herb Kolben and Kevin Smith from ULLICO played key roles in arranging the loan.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$61,000,000.00
Monthly NOI$406,666.67
Monthly Debt Service$385,561.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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