New York self-storage operator Storage Fox Inc. has refinanced two of its facilities to fuel portfolio expansion, manage existing debt and recapture equity. The company received two $18M loans for its properties in Queens and Yonkers, N.Y., which comprise 260,000 square feet of space, according to a press release.
The 12-story property at 30-46 Northern Blvd. in Queens was built in 2013. The 123,000-square-foot structure includes the Davita Dialysis Center. The facility at 280 Fullerton Ave. in Yonkers was built in 2012. The five-story structure comprises 190,000 square feet.
The $36 million in loans represents a 66 percent loan-to-value on both properties. Commercial mortgage brokerage Progress Capital worked on behalf of Storage Fox to secure the funds through Signature Bank. The seven-year notes have a fixed interest rate of 4 percent with a 25-year amortization, the release stated.
Storage Fox operates four self-storage facilities in Brooklyn, Long Island City, White Plains and Yonkers, N.Y. The properties comprise more than 5,000 units. The company intends to expand its footprint to the Bronx and Rockaway Park, N.Y., according to the release.
Sources:
PR Newswire, $36,000,000 Secured for Two 'Storage Fox' Self-Storage Locations in LIC and Yonkers
REBusiness Online, Progress Capital Arranges $36M in Loans for Two Self-Storage Facilities in New York City Area
