StorageMart signs $2.15B loan with Barclays for Manhattan Mini Storage acquisition
StorageMart, through the entity Sm I Mms, L.L.C. has signed three loans totaling $2.155 billion with Barclays Capital for the acquisition of 21 properties from Manhattan Mini Storage.
The acquisition cost $3.15 billion in total.
The first loan covers 524 West 23rd Street, 543 West 43rd Street, 633 West 44th Street, 131 Varick Street, 272 Spring Street, 28 2nd Avenue, 420 East 62nd Street, 220 South Street, 203 South Street, 108-110 West 107th Street, 400 East 111th Street, N/A East 110th Street, 510-520 West 21st Street, 531-539 West 21st Street, 5030 Broadway and 290 Dyckman Street. The 17 properties have 2,460,637 square feet of built space and 632,281 square feet of additional air rights for a total buildable of 2,532,410 square feet according to PincusCo analysis of city data. The loan price per built square foot is $693 and the price per buildable square foot is $673 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The second loan, valued at $298.4 million covers 302 11th Avenue in Chelsea, Manhattan, 2341 12th Avenue in Harlem, Manhattan, and 2351 12th Avenue in Harlem, Manhattan. The three properties have 380,697 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $783 per the PincusCo analysis.
The final loan, valued at $150.3 million, covers 111 10th Avenue. The property has 189,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $795 per the PincusCo analysis
Cris Burnam, president of StorageMart was the signatory for the company. According to a company press release, Citigroup served as the exclusive financial advisor to StorageMart.
The deal closed on December 16, 2021 and was recorded on January 6, 2022.
Within a 400-foot radius of 400 East 111th Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months. One of those three items was a sale which Monadnock Development and Community Preservation Corp. bought the 14,815-square-foot, 66-unit rental (D3) on 2153 1st Avenue and 37 other properties for $79.3 million from New York City Housing Authority on January 5, 2021. Of those three items, two were loans above $5 million totaling $295.9 million. The most recent of the two was Morris Platt which borrowed $6.9 million from New York Community Bank secured by the 33,568-square-foot, 34-unit rental (D1) on 344 East 110th Street on August 20, 2021.
Direct links to Acris document. link, link, link