Updated Oct 28, 2024
Slate Asset Management Refinances Self-Storage Properties In Queens, Brooklyn & Bronx For $147M With Meridian Capital Group
31-07 20th Avenue, 1084 Rockaway Avenue & 1260 Zerega Avenue
$147,000,000
$122/SF
Building Size
400,000 SF
Asset Type
Self Storage
Closing
Aug 15, 2022
About this deal
AI
The self-storage properties located at 31-07 20th Ave. in Queens, 1084 Rockaway Ave. in Brooklyn, and 1260 Zerega Ave. in the Bronx have recently undergone a refinancing transaction. The combined square footage of the properties is approximately 400,000 square feet. The transaction was completed by Prime Group, the landlord, with the assistance of Slate Asset Management. Anthony Candela, representing Slate Asset Management, played a key role in the deal. The brokers involved in the transaction were Drew Anderman and Ben Nevid from Meridian Capital Group.
Summary of transation details
- Property Type: Self-Storage
- Transaction Amount: $147,000,000
- Address: 31-07 20th Ave., 1084 Rockaway Ave., 1260 Zerega Ave.
- Market: Queens, Brooklyn, and Bronx
The refinancing loan amount for this transaction was $147,000,000. Slate Asset Management, represented by Anthony Candela, provided the financing for the deal. The loan type was a refinance. The successful transaction highlights the continued demand for self-storage properties in the Queens, Brooklyn, and Bronx markets.
Players
Astoria 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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93