StorageBlue Refinances Self Storage Portfolio In New Jersey For $61M With Lender ULLICO
Jersey City, New Jersey, United States
$61,000,000
Building Size
—
Asset Type
Self Storage
Closing
Dec 23, 2022
AI
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.
Players
Jersey City 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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93