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3650 Capital funds $24 million loan for Yonkers self-storage build
The 949-unit project at 1060 Nepperhan Avenue is supported via exit capital tied to a court-supervised reorganization.
3650 Capital has provided an approximately $24 million senior construction loan to finance the completion of a self-storage development in Yonkers, New York, at 1060 Nepperhan Avenue.
The project is a 949-unit facility that will be branded and operated by CubeSmart, with the development sponsored jointly by Cayre Equities and KCT Inc., the property’s original developer.
According to ConnectCRE, the financing was structured as exit capital concurrent with the borrower’s emergence from a court-supervised reorganization, with an approved plan of reorganization used to provide certainty to stakeholders.
The loan is secured by a first-priority mortgage on the property, and features a 36-month initial term with one six-month extension option, with David Eyzenberg of Eyzenberg & Company serving as capital advisor for the debt and equity arrangement.