OceanFirst Bank & Nuveen Green Capital Provides $72.6M Construction Loan For Philadelphia Storage Facility
2201 East Allegheny Avenue, Philadelphia, Pennsylvania 19134, United States
$72,600,000
$422,093/SF
Building Size
172 SF
Asset Type
Self Storage
Closing
Dec 12, 2022
AI
Located at 2201 E. Allegheny Ave in Philadelphia, this storage facility sits on a spacious 7.2-acre lot. Spanning 172,000 square feet, the property offers ample space for storage and other related activities. The transaction, which took place on 12/12/2022, involved a construction loan.
Summary of Transaction Details
- Property Type: Storage Facility
- Transaction Amount: $72,600,000
- Market: Philadelphia
- Loan Type: Construction Loan
The lender for this transaction was OceanFirst Bank and Nuveen Green Capital. FreezPak Logistics and BG Capital, represented by Tyler Huffman, were the landlords in this deal. The loan amount of $72,600,000 provided the necessary funds for the construction of this storage facility.
Players
Philadelphia Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93