Real Estate Weekly
Image default
Deals & Dealmakers

Parkview Financial Originates $18.3 Million Construction Loan for Development of a Class A 949-Unit CubeSmart Self-Storage Facility in Yonkers, NY

Parkview Financial announced today it has provided an $18.3 million construction loan to KCT, Inc. for the development of a Class A, 949-unit self-storage facility located at 1060 Nepperhan Avenue in Yonkers, NY.

KCT plans to demolish the existing 9,820-square-foot (sf) industrial building where it had operated its business, Health Products Corp. since 1973, and will build an eight-story building with 77,000-sf of rentable space on the .55-acre lot.

After completion, which is anticipated for late 2023, the project will be operated by CubeSmart, a real estate investment trust that invests and operates self-storage facilities in 24 states and the District of Columbia and is the nation’s fourth largest self-storage company. Facility amenities will include surveillance cameras, individual unit locks, climate control, keypad entry and on-site management. The well-located property provides accessibility off Nepperhan Avenue and visibility from the Saw Mill Parkway.

“Parkview Financial saw this as a favorable opportunity to finance a high-quality self-storage facility in Yonkers, a New York suburb that provides a substantial potential customer base. Once completed, we feel that this property and its operator will serve the population well,” said Paul Rahimian, CEO and Founder of Parkview Financial.

He added, “We view self-storage property as a strong asset class as this sector has proven to experience high occupancy throughout all economic cycles.”

The general contractor is JCT Development and the architect of record is ELEVEN18 Architecture.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million

REW

Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building

REW

Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando

REW