Bank Hapoalim Lends $32M on Queens Self-Storage Property

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Cayre Equities has inked a $32 million debt package to refinance a New York City self-storage asset, Commercial Observer has learned.

Bank Hapoalim provided the loan on Cayre’s 95,000-square-foot facility, which is managed by Treasure Island Self Storage and located in Queens’ Glendale neighborhood. Newmark arranged the transaction with a debt and structured finance team led by Dustin Stolly, Jordan Roeschlaub and Daniel Fromm.

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Located at 7936-7966 Cooper Avenue, the property sits on 2.21 acres of land that Cayre purchased in 2015. The self-storage development was completed in the third quarter of 2021 and fully leased by summer 2021.The climate-controlled building is also home to a warehouse and logistics tenant.

Officials for Cayre and Bank Hapoalim did not immediately return requests for comment.

Treasure Island has a portfolio of 13 self-storage facilities scattered across the New York City region including two in Queens, six in Brooklyn, two in the Bronx, one in Manhattan and two in New Jersey.

Andrew Coen can be reached at acoen@commercialobserver.com