Urban Storage Fund borrows $10.6M from PNC Bank for self-storage in Crown Heights

Urban Storage Fund through the entity Urban-Sers Atlantic LLC as borrower signed a loan agreement with lender PNC Bank valued at $10.6 million for 1 parcel, including the tax class warehouse or self storage (E7) at 1956 Atlantic Avenue in Crown Heights. The deal closed on July 2, 2020 and was recorded on July 15, 2020.
The property contains a total of 58,600 square feet of built space.
The average loan per buildable square foot is $182.
Robert Poole was signatory for Urban Storage Fund.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 17,890 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link