PGIM Provides $83M Senior Loan For Self Storage Portfolio In Brooklyn & Queens
150 17th Street, 651 Utica Avenue, 1690 East New York Avenue & 87-16 121st Street
$83,000,000
$74/SF
Building Size
1,120,164 SF
Asset Type
Self Storage
Closing
Apr 12, 2024
AI
Four properties located at 150 17th Street, 651 Utica Avenue, 1690 East New York Avenue, and 87-16 121st Street were involved in a recent closed transaction in Brooklyn and Queens. The asset type of these properties is self-storage, collectively spanning 280,041 square feet. The lending institution for this deal was PGIM, with The Carlyle Group acting as the landlord. The transaction was facilitated by brokers Rob Turner & Adam Licari from Eastdil Secured.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $83,000,000
- Address: 150 17th Street, 651 Utica Avenue, 1690 East New York Avenue, 87-16 121st Street
- Market: Brooklyn & Queens
The individuals and companies central to this transaction included the lender, PGIM, and the landlord, The Carlyle Group. The deal's brokerage representation was handled by Rob Turner & Adam Licari from Eastdil Secured. No additional information was provided regarding the specific roles or details of the parties involved in the transaction.
Players
Brooklyn 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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93