Updated Dec 4, 2024
Progress Capital Arranges $19.7M Construction Loan For Rockaway Beach Self Storage
106-02 Rockaway Beach Boulevard
$19,725,000
$145/SF
Building Size
135,719 SF
Asset Type
Self Storage
Closing
Dec 4, 2023
About this deal
AI
The self-storage property located at 106-02 Rockaway Beach Boulevard in Rockaway Beach, Queens has been involved in a recent loan transaction. The property spans a total area of 135,719 square feet and is owned by Dino Tomassetti, Jr. of Asset Realty & Construction Group.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $19,725,000
- Address: 106-02 Rockaway Beach Boulevard, Rockaway Beach, Queens
- Market: Rockaway Beach, Queens
- Lender: Columbia Bank
- Landlord: Dino Tomassetti, Jr. - Asset Realty & Construction Group
- Brokers: Kathy Anderson & Caillin Boles - Progress Capital
- Loan Type: Construction
The loan amount for this transaction was $19,725,000 and it was provided by Columbia Bank. Kathy Anderson and Caillin Boles from Progress Capital represented the parties involved in this deal.
On the Map
$19,725,000
$145/SF
Self Storage
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Players
Rockaway Park 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
0.80%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93