Cohen Investment Group (CIG) 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, Virginia.

David Merkin of Eastern Union secured a $51.5 million fixed-rate refinancing package for Cohen Investment Group through a relationship with Bank of America. Based in Bethesda, Maryland, Merkin is a senior managing director in Eastern Union’s Mid-Atlantic Group. “Eastern Union delivered competitive, fixed-rate financing enabling the client to continue to grow revenue substantially and exit at a high cap rate,” said Merkin.

CIG had originally acquired the property in 2021 with the help of a $58,150,000 bridge loan originated by Eastern Union. The property contains roughly 142,843 square feet of self-storage units and 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.