$35M Finances Flatiron District Self-Storage Project
JLL Capital Markets recently arranged $35.1 million in financing for the redevelopment of 41-47 E. 21st St., a parking facility in the Flatiron District, into a Class-A self-storage facility.
The team of Michael Klein, John Rose, Geoff Goldstein and Mitchell Kaliner worked on behalf of the borrowers, Ramrock Real Estate and self-storage developer Mequity Companies, to place the loan with an affiliate of Cerberus Capital Management.
The eight-story project will offer 64,360 rentable square feet of space and touchless rental options. 41-47 E 21st St. will have two off-street, enclosed, truck-sized loading bays, as well as a smaller backup loading area.
“This was a unique opportunity to lend on a premier asset class in a supply-constrained market that is poised for future growth,” Klein said. “It was a pleasure to work with Ramrock Real Estate, Mequity Companies and Cerberus, who each intimately understand the Manhattan self-storage market.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).