JLL Arranges $53M Loan For Self Storage Portfolio In Long Island And Westchester
1760 Front Street, East Meadow, NY, USA
$53,000,000
Units
3,836
Asset Type
Other
Closing
Feb 4, 2021
About this deal
AI
A self-storage portfolio comprising three properties located at 1760 Front Street, 280 Broadway, 1000 Axinn Avenue, and 50 Carnation Avenue has been involved in a closed transaction in Long Island and Westchester markets. The portfolio consists of a total of 3,836 units.
Summary of transaction details:
- Property Type: Self Storage Portfolio
- Transaction Amount: $53,000,000
- Market: Long Island, Westchester
- Lender: PGIM Real Estate
- Landlord: Harrison Street
- Brokers: Griffin Guthneck, Stephen Van Leer, Steve Mellon, and Brian Somoza of JLL
- Terms: Interest-only, three-year with two-one year extension options
The deal was facilitated by Griffin Guthneck, Stephen Van Leer, Steve Mellon, and Brian Somoza of JLL. The lender for this transaction was PGIM Real Estate, and the landlord involved was Harrison Street. The terms of the deal include an interest-only loan with a three-year term and two one-year extension options.
On the Map
$53,000,000
Other
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East Meadow Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93