Updated Dec 4, 2024
Gramor Development Washington Secures $8.8M Loan For Cubes Self Storage In Covington
27115 164th Avenue Southeast
$8,800,000
$133/SF
Building Size
65,902 SF
Asset Type
Self Storage
Closing
Sep 13, 2023
About this deal
AI
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.
On the Map
$8,800,000
$133/SF
Self Storage
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Covington Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93