Ramrock Real Estate and self storage developer Mequity Cos. have received $35 million in financing for the redevelopment of a New York City parking facility into a climate-controlled self storage asset. JLL Capital Markets arranged the loan with an affiliate of Cerberus Capital Management.
The Class A, eight-story project in Manhattan will comprise 64,360 rentable square feet, two off-street, enclosed, truck-sized loading bays and a smaller backup loading area. The facility will also include two new elevators, as well as new plumbing and electric systems. The property will have access control with online and touchless rental options. According to Yardi Matrix, the property is to be managed by CubeSmart.
Located at 41-47 E. 21st St., close to the Flatiron Building, the development is 1 mile from Times Square and within walking distance of several subway stations. There are at least 45 other self storage facilities totaling nearly 4.6 million square feet within a 3-mile radius, Yardi Matrix data shows.
JLL’s financing team included Senior Managing Directors Steve Klein and John Rose, as well as Managing Director Geoff Goldstein and Associate Mitchell Kaliner. In January, Klein secured $50.5 million in refinancing for a 285-unit waterfront community in Aventura, Fla.