Hugh D. Cohen Acquires Self Storage In Virginia Beach For $58.1M Loan From Prime Finance
FINANCED
$58,150,000
Virginia
See Similar Deals390,380 SF
Financed 12/08/2021
FINANCED
Hugh D. Cohen Acquires Self Storage In Virginia Beach For $58.1M Loan From Prime Finance
2424 Castleton Commerce Way, Virginia Beach, VA 23456
See Similar Deals390,380 SF
Financed 12/08/2021
Summary
VIRGINIA
Price Per Square Foot:$149
Total Square Footage:390,380 SF
Transaction Type:Loan
Hugh D. Cohen and David Merkin were involved in a recent closed transaction for a self storage property located at 2424 Castleton Commerce Way in Virginia Beach, VA. The property spans approximately 390,380 square feet.
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $58,150,000
- Date: 12/08/2021
- Market: Virginia Beach, VA
In this transaction, the lender was Prime Finance. The landlord of the property is Cohen Investment Group, represented by Hugh D. Cohen. David Merkin from Eastern Union served as the broker.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$58,150,000.00
Monthly NOI$387,666.67
Monthly Debt Service$367,547.56
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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