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3650 Capital Furnishes Construction Loan for Yonkers Self-Storage
3650 Capital has provided an approximately $24-million senior construction loan to finance the completion of 1060 Nepperhan Avenue, a 949-unit self-storage development located in Yonkers, NY. The project will be branded and operated by CubeSmart.
The development is sponsored jointly by Cayre Equities and KCT Inc., the property’s original developer. The 3650 financing was provided as exit capital concurrent with the borrower’s emergence from a court-supervised reorganization. The transaction structure allows the sponsors to accelerate project completion while providing certainty to all stakeholders through an approved plan of reorganization..
The loan will be secured by a first-priority mortgage on the property and features a 36-month initial term with one six-month extension option. David Eyzenberg of Eyzenberg & Company served as the capital advisor structuring and arranging the requisite debt and equity.
“This financing structure will enable the borrower to resolve all outstanding claims and facilitate the completion of a best-in-class self-storage facility in a supply-constrained market,” said Jonathan Roth, co-founder of 3650 Capital
- ◦Development
- ◦Financing
