Updated Jan 30, 2025
PrimeSpace Capital & Blue Vista Capital Management Secures $8.95 Million Construction Loan In Garnerville
3 W Ramapo Rd
$8,400,000
$77/SF
Building Size
108,600 SF
Asset Type
Development Site
Closing
Nov 4, 2024
About this deal
AI
The asset involved in this transaction is a development site located at 3 West Ramapo Road in Garnerville. The property encompasses a total square footage of 108,600 and has an associated loan amount of $8,950,000. This financing is categorized as a construction loan, facilitated by MidFirst Bank.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,950,000
- Asset Size: 108,600 SF
- Lender: MidFirst Bank
- Landlord: PrimeSpace Capital & Blue Vista Capital Management
- Landlords' Representatives: Israel Friedman, Ryan Fridolfs & Samuel Kornblau
- Market: Garnerville
PrimeSpace Capital is a New York-based self-storage development firm with a significant portfolio consisting of 465,000 rentable square feet of climate-controlled self-storage, along with an additional 270,000 rentable square feet currently under construction. Interested parties are encouraged to reach out to Ryan Fridolfs for any new deal inquiries.
On the Map
$8,400,000
$77/SF
Development Site
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Players
Garnerville Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.89%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93