Cronheim Mortgage secures $7 million loan for Nanuet self-storage facility: 685 climate-controlled storage units

Nanuet, NY Cronheim Mortgage secured a $7 million loan with a N.J. bank for a self-storage facility. The 12-year loan incorporates three-year rate resets, an interest rate of 4.74%, and six months IO then 30-year amortization.

The subject self-storage facility, comprised of 51,815 s/f, has 685 climate-controlled storage units. The property was built in 1980 as a retail property and converted to self-storage by DealPoint Merrill, after its acquisition in 2015. As the project’s lease-up reached a solid level–83% at the time of closing–it was advantageous to secure a lower cost of capital, which was provided by this transaction. The facility is operated by CubeSmart.

Dealpoint Merrill is a national self-storage developer. The company and its construction and development affiliates are managed by a long-term seasoned cohesive team of real estate and investment professionals, with expertise in deal structure, finance, acquisition and management.

Tags: Brokerage

Reprint

Previous Story Next Story

Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn

Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.

Investment Property Realty Group’s Team Friedman brokers seven Bronx closings totaling $12.07 million

IPRG’s Team Friedman brokers 7 Bronx closings totaling $12.07m

Highcap Group sells Astoria 17 unit elevatored apartment building

OPEN Impact R.E. helps Coney Island Prep. secure 39-year leasehold condominium for new 45,190 s/f high school

OPEN Impact helps Coney Island Prep. secure leasehold condo. for new high school

New York restaurant group acquires Upper West Side retail co-op for $4.135 million in deal arranged by Lee & Associates NYC

N.Y. restaurant group acquires Upper West Side retail co-op for $4.135m in deal arranged by Lee & Associates NYC

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Brokerage

HarbourVest Partners selects 9 West 57th St. for first N.Y.C. office

Columns and Thought Leadership

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.

Positive forecast for New York’s pro-housing push? - by Philip Butler

New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of

A guide to finding the right NYC property management company - by Sanjay Gandhi

Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional