The property was acquired by Virginia-based group
Eastern Union has announced securing $58 million in bridge financing for Cohen Investment Group, a commercial real estate investment company that acquired a self-storage complex in Virginia Beach, Va.
The property, Castleton Commerce Center, totals 390,380 square feet in size and is the most recent storage acquisition of Cohen Investment, which has added 11 storage properties in its portfolio this year. Eastern Union managing director David Merkin closed the $58,150,000 loan for Cohen.
“This acquisition represents a wonderful addition to our storage property portfolio and is also the largest acquisition in our overall portfolio to date,” said Hugh Cohen, president of Cohen Investment Group. “By taking a hands-on approach to managing this property, we will generate operational efficiencies that will boost value.
Cohen added: “Thanks to Eastern Union’s keen knowledge of the lending marketplace, we were able to secure attractive bridge financing. David Merkin and his team committed themselves to delivering the right loan for this asset.”
According to Eastern Union, the Virginia Beach property is an asset with high historic occupancy, strong in-place revenue, and the ability to add value through strategic improvements and decrease the gap between existing customers and market rents.
“Because of the unique nature of the property, arranging favorable financing for this transaction was challenging,” Merkin said. “We were proud to have come through for a company like Cohen Investment Group, the ideal owner/operator for this large-scale, self-storage facility.”