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150 17th Street

PGIM Provides $83M Senior Loan For Self Storage Portfolio In Brooklyn & Queens
FINANCEDSelf Storage

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

Rob Turner

Eastdil Secured

Broker

$12.1B

vol

30 deals

Broker
PGIM
PGIM Lender

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