Category: Finance News

Cayre Equities has inked a $32 million debt package to refinance a New York City self storage asset, Commercial Observer has learned. Bank Hapoalim provided the loan on Cayre’s 95,000-square-foot facility, which is managed by Treasure Island Self Storage and located in Queens’ Glendale neighborhood. Newmark arranged the transaction with a debt and structured finance team led by Dustin Stolly, Jordan Roeschlaub and Daniel Fromm. Located at 7936-7966 Cooper Avenue, the property sits on 2.21 acres of land that Cayre purchased in 2015. The self storage development was completed in…

The 504 Refinance Program is designed to help businesses improve cash flow and access the equity of their property to pay down business expenses. With the updated rules provided by the SBA and low, long term FIXED rates, you can’t afford to ignore this program. To Qualify: At least 85% of the original loan must have been used to purchase or improve owner occupied commercial real estate or equipment (self storage is eligible). The note must have been in place for at least six months and the final draw of…

Dallas-based Terrydale Capital has arranged a $24.2 million acquisition loan for a portfolio of self-storage properties located in South Texas. The portfolio consists of eight existing facilities, four vacant sites and one site that is under construction. Cody Baker of Terrydale Capital arranged the five-year loan, which carried a fixed interest rate of 3.25 percent, two years of interest-only payments and a 25-year amortization schedule. An undisclosed correspondent bank provided the loan. The borrower was also not disclosed. Source

Ready Capital has closed on a $9.3 million loan for the acquisition, renovation and stabilization of a 696-unit, Class A self storage property in Miami Beach. Upon acquisition, the sponsor plans to reconfigure the unit mix to drive occupancy and maximize revenue. The non-recourse, interest-only, floating-rate loan features a 48-month term, one extension option and is inclusive of a facility to provide future funding for capital expenditures. Source

New Jersey-based Cronheim Mortgage has arranged a $7.8 million loan for the refinancing of a self storage and retail asset located in the Fort Worth area. The property, formerly a grocery-anchored retail center, consists of a CubeSmart-branded self storage facility with roughly 1,000 units and a 10,000-square-foot retail space occupied by Goodwill. David Turley, Janet Proscia and David Poncia of Cronheim arranged the nonrecourse, fixed-rate loan on behalf of the borrower, an affiliate of California-based DealPoint Merrill. An undisclosed national bank provided the loan. The address of the property was…

Los Angeles-based storage operator Clutter has refinanced a four-property portfolio it owns in the New York metro area with a  $118.3 million bridge loan. The non-recourse loan was negotiated by Talonvest Capital Inc. and features a low floating rate and a three-year term with two extension options. The level of support we received from Talonvest in managing and executing the lender process was phenomenal. We truly benefited from partnering with a team that understood our needs and kept our best interest in mind.” The four-property portfolio is located in Yonkers,…

Valley National Bank is making its second major acquisition in the last three months, this time agreeing to acquire Bank Leumi USA for $1.15 billion. Leumi’s shareholders will receive 3.8 shares of Valley National stock and $5.08 for every share they have, according to Bloomberg. Bank Leumi Le-Israel BM, the parent company of the U.S. banking side of the business, will own more than 14 percent of Valley National commons stock. Valley National will be able to take advantage of Bank Leumi USA’s offerings for wealthy and middle-market commercial clients.…