Joseph A Farkas Of Metropolitan Realty Associates Secures $32.8M Refinance From IDB Bank In Nanuet

The asset involved in this transaction is a self-storage facility located at 5101 Fashion Drive in Nanuet. The property was previously a Macy’s and underwent a retail-to-self-storage conversion. The transaction involves a loan amount of $32,800,000 which was secured through refinancing. The lending institution for this deal is IDB Bank.

Summary of transation details:

• Property Type: Self Storage
• Transaction Amount: $32,800,000
• Lender: IDB Bank
• Landlord: Joseph A Farkas - Metropolitan Realty Associates
• Previous Loan Amount: $22,800,000
• Address: 5101 Fashion Drive
• Market: Nanuet
• Loan Type: Refinance

Joseph A Farkas, representing Metropolitan Realty Associates, is the landlord involved in this refinancing transaction. The refinancing serves to replace an existing loan to support the converted property's new use. This transaction reflects ongoing adjustments within the Nanuet market to adapt retail spaces into self-storage solutions.