Hugh D. Cohen Acquires Self Storage In Virginia Beach For $58.1M Loan From Prime Finance
2424 Castleton Commerce Way, Virginia Beach, VA 23456
$58,150,000
$149/SF
Building Size
390,380 SF
Asset Type
—
Closing
Dec 8, 2021
About this deal
AI
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.
On the Map
$58,150,000
$149/SF
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93