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Gramor Development Washington Secures $8.8M Loan For Cubes Self Storage In Covington

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FINANCED
$8,800,000
Ivan Viramontes
David DiRienzo
Kim Bishop
+ 1

Washington

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Self Storage65,902 SF
Financed 09/13/2023
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Property Image
FINANCED

Gramor Development Washington Secures $8.8M Loan For Cubes Self Storage In Covington

27115 164th Avenue Southeast

See Similar Deals
Self Storage65,902 SF
Financed 09/13/2023
Ivan Viramontes
David DiRienzo
Kim Bishop
+ 1
the dealplayerscompscontact
Contact now

Summary

WASHINGTON
Asset Type:Self Storage
Price Per Square Foot:$133
Total Square Footage:65,902 SF
Transaction Type:Loan

Gramor Development Washington has secured an $8.8 million permanent loan for Cubes Self Storage, a 65,902-rentable-square-foot facility located at 27115 164th Avenue Southeast in Covington, WA. The loan was provided by Transamerica Life InsuranceCo.

Summary of transaction details

  • Property Type: Self Storage
  • Transaction Amount: $8,800,000
  • Address: 27115 164th Avenue Southeast, Covington, WA
  • Market: Covington, WA
  • Asset Type: Self Storage
  • Size: 65,902 square feet

The loan terms for this transaction consist of a seven-year, fixed-rate loan with interest-only payments for the initial two years. The loan was facilitated by brokers David DiRienzo, Kim Bishop, Ivan Viramontes, and Lauren Maehler of Talonvest Capital. The landlord for Cubes Self Storage is Barry Cain of Gramor Development Washington.

Players

David DiRienzo
Talonvest Capital
David DiRienzo
4 deals$96.8M volume(949) 387-9960
BROKER
Ivan Viramontes
Ivan Viramontes
9 deals$225.8M volume
BROKER
Kim Bishop
Talonvest Capital
Kim Bishop
12 deals$456.3M volume(949) 251-9914
BROKER
Lauren Maehler
Talonvest Capital
Lauren Maehler
16 deals$643M volume
BROKER
Transamerica Life Insurance
Transamerica Life Insurance
LENDER

Details

FINANCED
IMAGE: Barry Cain, David DiRienzo, Kim Bishop, Ivan Viramontes & Lauren Maehler DATE: 09/13/2023 ADDRESS: 27115 164th Avenue Southeast MARKET: Covington, WA ASSET TYPE: Self Storage ~ SF: 65,902 LENDER: Transamerica Life Insurance Co LANDLORD: Barry Cain - Gramor Development Washington BROKERS: David DiRienzo, Kim Bishop, Ivan Viramontes & Lauren Maehler - Talonvest Capital LOAN AMOUNT: $8,800,000 LOAN TERMS: seven-year, fixed-rate loan with interest-only payments for the initial two years NOTE: Gramor Development Washington has secured an $8.8 million permanent loan for Cubes Self Storage, a 65,902-rentable-square-foot facility in Covington, Washington.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$8,800,000.00

Monthly NOI$58,666.67
Monthly Debt Service$55,621.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00