Eastern Union Arranges $51.5 Million in Refinancing for Self-Storage
Complex
VIRGINIA
BEACH, Va. and BETHESDA,
Md., Jan. 7, 2025 /PRNewswire/ -- Cohen
Investment Group (CIG), a commercial real estate investment company
based in Virginia Beach, VA, has
refinanced its ownership of Castleton Commerce Center, a
470,618-net-rentable-square-foot self-storage and flex-storage
complex at 2424 Castleton Commerce Way in Virginia Beach, VA.
David Merkin of Eastern Union, one of the country's largest
commercial real estate brokerage firms, secured a $51.5-million, fixed-rate refinancing package for
Cohen Investment Group through a relationship with Bank of America.
Based in Bethesda, MD, David
Merkin is a senior managing director in Eastern Union's
Mid-Atlantic Group.
CIG had originally acquired the property in 2021 with the help
of a $58,150,000 bridge loan
originated by Eastern Union.
Cohen Investment Group has acquired a total of 64
self-storage properties through 16 acquisitions within the
asset class since 2020. Founded in 2013, the company has owned
and operated more than 2,318,866 of rentable storage space, over 30
multifamily assets, and has had holdings in the office, student
housing, and retail sectors.
Cohen Investment Group describes the Virginia Beach property as "a unique asset
with high historic occupancy, strong in-place revenue, and the
ability to add value in a growing market." It contains roughly
142,843 square feet of self-storage units in addition to 327,775
square feet of warehouse storage. Overall, Castleton Commerce
Center contains 409 storage units, 375 warehouse units, and 190
boat and RV parking units.
"We generated operational efficiencies at Castleton Commerce
Center by taking a hands-on approach to property management," said
Hugh Cohen, president of Cohen
Investment Group. "The site is now well positioned for the
execution of a profitable exit plan in the coming years that will
benefit our investors."
"Eastern Union delivered competitive, fixed-rate financing
enabling the client to continue to grow revenue substantially and
exit at a high cap rate," said Mr. Merkin. "Cohen Investment
Group's successful ownership of this asset is largely attributable
to the firm's first-class asset management capabilities."
CIG's strategic approach is to identify value-add opportunities
with an emphasis on purchasing under-performing real estate assets
below replacement cost. The company then brings in impactful and
trusted third-party property management partners to maximize value
while improving physical appearance and operational efficiency with
the goal of growing net operating income and net cash flow for
investors to levels above original projections. CIG then monitors
market conditions to identify a timely disposition resulting in a
positive capital event that delivers solid returns for
investors.
About Cohen Investment Group
Founded in 2013, Cohen Investment Group (CIG) is a privately
owned commercial real estate investment firm based in Virginia Beach, VA. CIG and its affiliated
entities have transacted on over $1B
in real estate since its founding. The company focuses on acquiring
properties in primary, secondary and tertiary markets in the
mid-Atlantic and Southeast regions, with a primary focus on
multifamily and storage assets. CIG's team consists of highly
skilled professionals with extensive backgrounds in acquisitions,
asset management, accounting, property management, dispositions,
analysis and reporting, leasing, sales, marketing and legal
studies.
For more information, visit www.coheninvestmentgrp.com.
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real
estate firm that provides both financing services and capital
markets advisory services. It employs more than 90 real estate
professionals and closes billions of dollars' worth of transactions
annually. Eastern Union leverages its relationships with lenders
and its marketplace knowledge to secure the best available rates
and terms.
The company's Mid-Atlantic Region office, led by Marc Tropp and David Merkin, is in Bethesda, MD.
Eastern Union secures financing for transactions of all sizes
across the United States.
Transactions, which can include multi-state and multi-site
portfolios, encompass conventional commercial mortgages, structured
debt, healthcare, hospitality, manufactured home properties,
single-family rentals, investment sales, and -- handled in
conjunction with company affiliate Eastern Equity Advisors --
equity placement.
For more information, visit
www.easternunion.com.
Media contact:
Steve
Vitoff
Eastern Union
516 652 0785
388360@email4pr.com
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SOURCE Eastern Union
