Storage Deluxe recently closed a $11.6 million financing deal for the purchase and development of a property in Brooklyn, N.Y.
The financing, obtained from Wells Fargo Bank, includes the $6.5 million purchase of an existing building from The Jewish Press Inc., as well as funding for converting the building into a self-storage facility. Cohen & Perfetto LLP, a Manhattan-based real estate law firm, assisted in the transaction.
Over the past year, Cohen & Perfetto has been fortunate enough to be involved in several of Storage Deluxes new developments in New York, said Louis A. Perfetto, managing partner. We hope these deals will become an example of not only its growth as a company but also some positive movement in the current economy.
The existing building, located on Third Avenue near Carroll Street, is on the cusp of the up-and- coming Red Hook neighborhood and just beside the Gowanus Canal. Storage Deluxe will convert the building into a climate-controlled facility over the next year, with 66,850 gross square feet and approximately 1,458 self-storage units.
Matia S. Nikolovienis and Christine Mulryan oversaw the transaction. Solomon & Bernstein represented The Jewish Press Inc. Reed Smith LLP acted as the attorney for Wells Fargo Bank.
Cohen & Perfetto LLP is a full-service boutique real estate law firm that serves land developers, residential and commercial developers, banks, institutional and individual owners, landlords and tenants, and lenders and borrowers from middle market to Fortune 500 companies.