Updated Oct 21, 2026
Cris Burnam Of StorageMart Secures $1.7 Billion Refinance Loan From Citibank In Manhattan
5030 Broadway, 131 Varick Street & 220 South Street
$1,700,000,000
$670/SF
Building Size
2,537,435 SF
Asset Type
Industrial
Closing
Oct 8, 2026
About this deal
AI
StorageMart refinanced 18 industrial properties located at 5030 Broadway, 131 Varick Street & 220 South Street in Manhattan with a loan from Citibank and Morgan Stanley. The total square footage of the assets is 2,537,435, and the loan amount is $1,700,000,000.
Summary of transation details:
- Property Type: Industrial
- Transaction Amount: $1,700,000,000
- Lender: Citibank
- Landlord: Cris Burnam - StorageMart
- Loan Type: Refinance
Cris Burnam represented StorageMart in this refinancing transaction, which replaces debt previously held by a securitized trust serviced by KeyBank.
On the Map
$1,700,000,000
$670/SF
Industrial
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Players
New York 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
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93