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Meridian Capital Group Secures $13.2M Acquisition Loan For Self-Storage In Cleveland

Property Image
FINANCED
$13,200,000

Ohio

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Self Storage180,000 SF
Financed 06/11/2024
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Property Image
FINANCED

Meridian Capital Group Secures $13.2M Acquisition Loan For Self-Storage In Cleveland

Self Storage180,000 SF
Financed 06/11/2024
Contact now

Summary

Asset Type:Self Storage
Price Per Square Foot:$73
Total Square Footage:180,000 SF
Transaction Type:Loan

The self-storage property in Cleveland, Ohio, spanning 180,000 square feet, was involved in an acquisition deal with a loan amount of $13,200,000. The loan was provided by Societe Generale, and the property is owned by a NYC Based Private Equity Fund. The transaction was facilitated by Drew Anderman and Eddie Haber from Meridian Capital Group.

Summary of transaction details:

The deal's key individuals include the lender Societe Generale, the landlord, a NYC Based Private Equity Fund, and the brokers Drew Anderman and Eddie Haber from Meridian Capital Group. The loan for the acquisition was granted with floating-rate terms, showcasing a strategic financial approach in the real estate transaction.

Players

Drew Anderman
39 deals$5.2B volume
BROKER

Eddie Haber
CBRE
17 deals$2.9B volume
BROKER

Societe Generale
LENDER

Details

FINANCED
IMAGE: Drew Anderman & Eddie Haber DATE: 06/11/2024 MARKET: Cleveland, Ohio ASSET TYPE: Self-storage ~ SF: 180,000 LENDER: Societe Generale (@SocieteGenerale) LANDLORD: NYC Based Private Equity Fund BROKERS: Drew Anderman (@DrewAnderman) & Eddie Haber - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $13,200,000 LOAN TYPE: Acquisition LOAN TERMS: Floating Rate

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$13,200,000.00

Monthly NOI$88,000.00
Monthly Debt Service$83,432.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00