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


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 (NMRK) 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.

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