LSC Development Lands $60M Refi for New York Storage Assets
The four-year, non-recourse bridge loan encumbers three facilities encompassing nearly 312,000 square feet on Long Island.
1 Herricks Road
LSC Development has taken out a $59.5 million refinancing package for a three-property self storage portfolio encompassing approximately 311,823 square feet in Hewlett, Garden City and Oceanside, N.Y. A global investment management firm originated the non-recourse bridge loan. The note has a four-year term with extension options and partial repatriation of ownership equity.
Documents were not recorded at the time of publishing, but Yardi Matrix data shows LSC Development owns the following properties in the aforementioned cities in the Long Island market:
- a 126,330-square-foot facility built in 2019 and sitting on a 3-acre parcel at 1 Herricks Road in Garden City;
- a 107,453-square-foot building completed earlier this year on a 1-acre site at 1150 Broadway in Hewlett;
- a 78,040-square-foot property delivered in 2019 and located on 3 acres at 2525 Long Beach Road in Oceanside.
All three facilities are Class A, two-story buildings managed by Extra Space Storage. The properties provide all climate-controlled units ranging between 25 square feet and 297 square feet. All three stores have an on-site manager, video monitoring and gated access.
The Talonvest Capital debt placement team working on behalf of the borrower included Kim Bishop, Jim Davies, Tom Sherlock, David Dirienzo, and Lauren Maehler. In September, Talonvest assisted 1784 Capital Holdings in securing a $22.1 million loan for an 82,030-square-foot self storage property in Scottsdale, Ariz.
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