Search
 
News

GoodFriend and Clark Investment Receive $48.8M Loan for Three NY Warehouses

The refinance bridge loan indicates the continues strength of New York metropolitan area industrial properties.

316 W. First St., Mount Vernon, NY/ photo credit: Talonvest Capital 316 W. First St., Mount Vernon, NY/ photo credit: Talonvest Capital

NEW YORK CITY— GoodFriend Management, a self-storage company based in New York City, and its partner, Clark Investment Group based in Witchita, KS, received a $48.8 million refinance bridge loan. The refinancing was secured by three, new storage properties totaling 175,531 net rentable square feet. All located in New York, the industrial properties are at 1320 Zerega Ave. in the Bronx; 316 W. First St. in Mt. Vernon; and 175 Huguenot St. in New Rochelle.

The cash out, non-recourse, three-year, interest-only loan with extension options is priced at a competitive spread over LIBOR and features interest rate step-downs based on achieving performance hurdles at the properties. The loan was funded by a full-service commercial real estate lender affiliated with an international merchant bank. It included an interest/operating reserve, individual release provisions and prepayment flexibility.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

More from this author

Recommended Stories

How CRE Is Coming Around to ESG

How CRE Is Coming Around to ESG

Nicki Howell |

While 76% say ESG is either “somewhat” or “very” important to their companies, there’s still progress to be made in all the letters, not just the E and G.

CRE Deal Flow Is Slowing, But Optimism Persists

CRE Deal Flow Is Slowing, But Optimism Persists

Holly Johnson Amaya |

CREW Network’s second quarterly benchmarking survey reveals an industry still dealing with economic headwinds, but with some bright spots that hint at smoother sailing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.