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Debt & Equity

Edison Properties lands $110M loan for Manhattan portfolio

New Jersey firm Edison Properties has secured a $110 million loan for a three-building Manhattan portfolio, according to documents filed with the city today.

The new mortgage, which was provided by Prudential Asset Resources, includes 541 West 29th Street in Hudson Yards and 2341 12th Avenue and 2351 12th Avenue in Manhattanville. Edison Properties uses the locations as facilities for its Manhattan Mini Storage brand.

The new loan replaces three notes with a value of $83 million, the largest portion of which was a $50.7 million loan on the West 29th Street property. The previous mortgage, which closed in 2007, was also from Prudential.

Edison Properties has 17 Manhattan Mini Storage facilities with more than 50,000 storage units, according to its website. The company also owns parking space operator Edison ParkFast and co-working space firms ReadySet and WorkSpace. Its New York City portfolio includes office tower 131 Varick Street and 1120 Avenue of the Americas and residential property 188 Ludlow Street in the Lower East Side.




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