Updated Nov 4, 2023
Marc Slayton Refinances GoodFriend Self Storage North Fork With $27.8M Bridge Loan From White Oak Real Estate Capital
50 Commerce Dr, Cutchogue, NY 11935, United States
$27,800,000
Building Size
—
Asset Type
Self Storage
Closing
Aug 10, 2023
About this deal
AI
Developer Marc Slayton has secured a $27.8 million bridge loan from White Oak Real Estate Capital to refinance his self-storage property, GoodFriend Self Storage North Fork, located in Cutchogue, NY. The property, situated at 50 Commerce Drive, is a self-storage facility in the bustling market of Cutchogue. The loan obtained from White Oak Real Estate Capital, led by Eric Tanjeloff, will provide the necessary funds to refinance the property and support its ongoing operations.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: $27,800,000
- Lender: White Oak Real Estate Capital - Eric Tanjeloff
- Landlord: Marc Slayton
- Loan Type: Refinance
- Note: Developer Marc Slayton has secured a $27.8 million bridge loan from White Oak Real Estate Capital to refinance his self-storage property, GoodFriend Self Storage North Fork, located in Cutchogue, NY.
The loan from White Oak Real Estate Capital to developer Marc Slayton for the GoodFriend Self Storage North Fork property in Cutchogue, NY, demonstrates the confidence in the self-storage market in this area. With the support of the lender and the expertise of Eric Tanjeloff as the lender's representative, Marc Slayton can proceed with the refinancing process smoothly and continue to operate the self-storage facility effectively.
On the Map
$27,800,000
Self Storage
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Players
Cutchogue Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93