BETHESDA, Md., June 25,
2024 /PRNewswire/ -- Marc
Tropp, a senior managing director with Eastern Union, has arranged $10.1 million in financing toward ground-up
construction of a five-story, 690-unit, self-storage facility in
Davenport, FL. Davenport is situated approximately 65 miles
east of Tampa.
Eastern Union, based in
New York, is one of America's
largest providers of commercial mortgage brokerage and capital
markets advisory services. Together with senior managing director
David Merkin, Mr. Tropp oversees the firm's Mid-Atlantic Region
office in Bethesda, MD.
The climate-controlled property will have a gross square footage
of 103,020 square feet and 76,431 square feet of rentable
space.
"Today's owners and developers are operating in the most
challenging market environment since the crash of 2008," said Mr.
Tropp. "It's highly difficult to secure construction financing.
Eastern Union takes pride in our
ability to come through for our clients under conditions like
this."
"The closing of this construction transaction directly reflects
Marc Tropp's keen familiarity with
the lending marketplace," said Abe
Bergman, president and co-founder of Eastern Union. "The client's own bankers had
declined to finance this deal. Thanks to Marc Tropp's extensive knowledge of the lender
universe, Eastern Union was able
to close this transaction."
The financing carried a 65-percent loan-to-cost value. The
loan's term was four years, with four years of interest-only
payments. The interest rate was set at SOFR plus 3.875 percent. The
identities of neither the owner nor the lender were disclosed.
The facility will be operated by CubeSmart, a real estate
company focused on the ownership, operation, acquisition, and
development of self-storage facilities in the United States.
About Eastern Union
Founded in 2001, Eastern Union
is a national commercial real estate firm that provides both
financing services and capital markets advisory services. It
employs more than 90 real estate professionals and closes billions
of dollars worth of transactions annually.
Eastern Union leverages its
relationships with lenders and its marketplace knowledge to secure
the best available rates and terms.
The company's Mid-Atlantic Region office, led by Marc Tropp and David Merkin, is located in
Bethesda, MD.
Eastern Union secures financing
for transactions of all sizes across the
United States. Transactions, which can include multi-state
and multi-site portfolios, encompass conventional commercial
mortgages, structured debt, healthcare, hospitality, manufactured
home properties, single-family rentals, investment sales, and --
handled in conjunction with company affiliate Eastern Equity
Advisors -- equity placement.
For more information, visit
www.easternunion.com.
Media contact:
Steve
Vitoff
Eastern Union
516 652 0785
379566@email4pr.com
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SOURCE Eastern Union