{"id":8135,"date":"2025-01-21T12:31:57","date_gmt":"2025-01-21T12:31:57","guid":{"rendered":"https:\/\/listselfstorage.com\/us\/industry-insights\/?p=8135"},"modified":"2025-01-30T10:42:14","modified_gmt":"2025-01-30T10:42:14","slug":"cohen-investment-group-lands-refinance-for-virginia-self-storage-in-virginia-beach-va","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/us\/industry-insights\/cohen-investment-group-lands-refinance-for-virginia-self-storage-in-virginia-beach-va\/","title":{"rendered":"Cohen Investment Group Lands Refinance for Virginia Self Storage in Virginia Beach, VA"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<figure style=\"width: 701px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" src=\"https:\/\/www.multihousingnews.com\/wp-content\/uploads\/sites\/57\/2025\/01\/Castleton-Commerce-Center-in-Virginia-Beach-Va-edited.jpg\" alt=\"\" width=\"701\" height=\"526\" \/><figcaption class=\"wp-caption-text\">Castleton Commerce Center features 409 storage units, 375 warehouse units, and 190 boat and RV parking units. Image courtesy of Eastern Union<\/figcaption><\/figure><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\">Cohen Investment Group has secured a $51.5 million refinancing loan for Castleton Commerce Center, a 470,618-net-rentable-square-foot flex storage complex in Virginia Beach, Virginia. <\/span><\/span><\/span><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\">Eastern Union\u2019s Mid-Atlantic Group Senior Managing Director David Merkin arranged the fixed-rate refinancing loan through Bank of America, on behalf of the borrower. Merkin was the one to secure bridge financing for CIG when the company acquired the facility in 2021. CIG purchased the property from Prime Group Holdings for $58.8 million, with the help of a $58.2 million loan originated through the Chicago office of Prime Finance. <\/span><\/span><\/span><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\">The facility is at 2424 Castleton Commerce Way and features 142,843 square feet of self storage units, as well as 327,775 square feet of warehouse storage. Castleton Commerce Center consists of 18 one-story buildings that enclose 409 storage units, 375 warehouse units, and 190 boat and RV parking units, ranging in size from 50 to 5,000 square feet. Storage Asset Management handles the day-to-day operations at Castleton Commerce Center, according to Yardi Matrix information.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-size: medium;\"><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\">The property in Virginia Beach is one of 15 available on a 3-mile radius, offering residents 34.4 net rentable square feet per capita, the same data provider shows. As of December, the self storage market in Richmond-Tidewater had 21 facilities under construction, set to add almost 1.5 million rentable square feet to the area.<\/span><\/span><\/span><\/p>\n<p><a href=\"https:\/\/www.multihousingnews.com\/cohen-investment-group-lands-52m-for-virginia-storage-facility\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong><span style=\"font-size: medium;\"><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\">Source<\/span><\/span><\/span><\/strong><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cohen Investment Group has secured a $51.5 million refinancing loan for Castleton Commerce Center, a 470,618-net-rentable-square-foot flex storage complex in Virginia Beach, Virginia. Eastern Union\u2019s Mid-Atlantic Group Senior Managing Director David Merkin arranged the fixed-rate refinancing loan through Bank of America, on behalf of the borrower. Merkin was the one to secure bridge financing for CIG when the company acquired the facility in 2021. CIG purchased the property from Prime Group Holdings for $58.8 million, with the help of a $58.2 million loan originated through the Chicago office of Prime&hellip;<\/p>\n","protected":false},"author":13,"featured_media":8136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,56],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/8135"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=8135"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/8135\/revisions"}],"predecessor-version":[{"id":8137,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/8135\/revisions\/8137"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/8136"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=8135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=8135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=8135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}