NY Storage Facilities Receive $36M Refi

The two properties, located in Queens and Yonkers, received a combined $36 million loan. Progress Capital secured the financing on behalf of Storage Fox Inc.
30-46 Northern Blvd., Queens

Progress Capital has arranged two $18 million loans for the refinancing of two self-storage facilities in Yonkers and Queens, New York. Storage Fox Inc. received the seven-year fixed rate at 4 percent loan with a 25-year amortization and no prepayment penalty. The two loans were secured through Signature Bank and represent a 66 percent loan to value for both properties.

The Queens property, located at 30-46 Northern Blvd., is a 12-story mixed-use development comprising 123,000 square feet, of which 70,000 square feet serves as storage space. The facility features climate- and non-climate-controlled units ranging in size from 20 to 150 square feet.

280 Fullerton Ave., Yonkers

Located at 280 Fullerton Ave., the Yonkers storage property is alongside Interstate 87. The five-story building was constructed in 2012 and comprises 190,000 square feet. Features of the facility include climate control, drive-up access, gate and security camera. Units range in size from 20 to 200 square feet.

Progress Capital’s Managing Partner Kathy Anderson negotiated the two loans on behalf of Storage Fox Inc.

Images courtesy of Yardi Matrix