FINANCEDIndustrial
Joseph Margolis Of Extra Space Storage Secures $7.3M Refinance Loan From Joseph Bae Of KKR
252 Newport Street
$7,300,000
$105/SF
Building Size
69,000 SF
Asset Type
Industrial
Closing
Jul 14, 2026
AI
Extra Space Storage refinanced an industrial property located at 252 Newport Street, Brownsville, Brooklyn, comprising 69,000 square feet. The loan secured amounts to $7,300,000.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $7,300,000
- Lender: Joseph Bae - KKR
- Landlord: Joseph Margolis - Extra Space Storage
- Loan Type: Refinance
The refinancing transaction involves Joseph Bae representing KKR entity Kcore Lending I, L.P., while Joseph Margolis represents Extra Space Storage in this deal.
Players
Newport Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.17%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93