First group sealed a $147 million debt package to refinance three self-storage assets across New York City, Commercial Observer can first report.
Slate Capital Real Estatethe loan of Slate Asset Managementprovided the senior loan for the three Main storage locations in the Bronx, Brooklyn and Queens. All three facilities were built in 2017.
Meridian Capital Groupit is Drew Anderson and Ben Nevid arranged the transaction.
The portfolio includes self-storage properties at 31-07 20th Ave in Astoria, Queens, 1260 Zerega Avenue in the Bronx and 1084 Rockaway Ave in Brooklyn. All three facilities include air-conditioned units with drive-up capabilities
“Self-storage has proven to be recession-proof over time and pandemic-related disruptions remain a tailwind for storage fundamentals,” Pierre Tsoulogiannis, partner of Slate, said in a statement. “We are very pleased to provide Prime Group, an institutional sponsoring group with a decade-long track record of strong performance, the flexible capital to refinance this portfolio and continue to provide high-quality storage solutions to the underserved New York. stocked.”
Based in Saratoga Springs, NY, Prime Group is the nation’s largest private self-storage owner-operator with a portfolio that includes more than 170 facilities representing more than 12.5 million square feet. commendable.
Toronto-based Slate Asset Management is active in lending to various commercial real estate sectors through its Slate Real Estate Capital platform. Last month he provided a $61.25 million senior loan for the acquisition and renovation of three multi-family properties in Manhattan’s Chelsea neighborhood owned by Slate real estate group, who is not affiliated with the lender.
Prime Group officials did not immediately return a request for comment.
Andrew Coen can be reached at [email protected].