Updated Dec 4, 2024
Nuveen Provides $115 Million Refinance Loan To Storage Post For Self Storage Assets In New York & New Jersey
330 Madison Avenue
$115,000,000
$127/SF
Building Size
900,949 SF
Asset Type
Self Storage
Closing
Nov 5, 2024
About this deal
AI
The transaction involves a self-storage asset located in the New York and New Jersey market, consisting of a total square footage of 900,949 and a total of 9,578 units across 9 distinct assets. The transaction was a refinance with a loan amount of $115,000,000.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $115,000,000
- Lender: Nuveen
- Landlord: Storage Post
- Brokers: Steven Klein & Robert Tonnessen - JLL
- Loan Type: Refinance
This transaction highlights the involvement of prominent brokers Steven Klein and Robert Tonnessen from JLL, who represent the landlord, Storage Post, in navigating this refinance deal, thereby facilitating the financial aspects required for the asset's operational success.
On the Map
$115,000,000
$127/SF
Self Storage
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Players
New York 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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93