Clutter borrows $77.6M from Colony Capital for self-storage properties

The self-storage company Clutter borrowed $77.6 million from Colony Capital affiliate in two transactions, one in Long Island City and the other in Flatbush.

In the first transaction, Clutter through the entity 30-46 Northern Blvd Storage LLC as borrower signed a loan agreement with lender Colony Capital through the entity CLNC Credit 1, LLC valued at $45.8 million for 1 parcel, including the tax class warehouse or self storage (E7) at 30-36 Northern Boulevard in Long Island City. The deal closed on September 19, 2019 and was recorded on September 27, 2019.
The property contains a total of 133,512 square feet of built space.
The average loan per buildable square foot is $343.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on July 1, 2015.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,061,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Clutter through the entity 5601 Foster Ave., LLC as borrower signed a loan agreement with lender Colony Capital through the entity CLNC Credit 1, LLC valued at $31.9 million for 2 parcels, including the tax class warehouse or self storage (E7) at 5601 Foster Avenue, 5633 Foster Avenue in East Flatbush. The deal closed on September 19, 2019 and was recorded on September 27, 2019.
The property contains a total of 45,385 square feet of built space. The property has 1,200 square feet of available development rights.
The average loan per buildable square foot is $620.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 15, 2014.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $3,280,042. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1,473,669.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link