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Developer Marc Slayton has sealed a $27.8 million debt package to refinance a self-storage asset in Eastern Long Island, Commercial Observer has learned.
White Oak Real Estate Capital supplied the bridge loan for Slayton’s GoodFriend Self Storage North Fork property on 50 Commerce Drive in Cutchogue, N.Y. The deal refinances existing debt on the facility operated by Slayton’s GoodFriend Self Storage, which includes a previous $24 million construction loan used to expand the facility to 122,000 square feet from 80,000.
“The loan will bridge the property through lease-up of the Phase II expansion, which is predominantly climate-controlled units,” said Eric Tanjeloff, managing principal at White Oak. “Rents in the market are strong and growing but still are a meaningful discount to the Hamptons facilities on the South Fork, where GoodFriend also has a property in East Hampton.”
Tanjeloff said the second phase of the GoodFriend expansion project in Long Island’s North Fork region is slated to receive a temporary certificate of occupancy in the next couple of months and then begin leasing. He noted that there are only two other self-storage properties within the North Fork that are smaller and have fewer climate-controlled units.
Officials at GoodFriend Self Storage did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
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