Marc Tropp, a senior managing director with Eastern Union, has arranged $10.1 million in financing toward ground-up construction of a five-story, 690-unit, self-storage facility in Davenport, Florida. Davenport is situated approximately 65 miles east of Tampa.
The climate-controlled property will have a gross square footage of 103,020 square feet and 76,431 square feet of rentable space. The facility will be operated by CubeSmart.
“Today’s owners and developers are operating in the most challenging market environment since the crash of 2008,” Tropp said. Together with senior managing director David Merkin, Tropp oversees the firm’s Mid-Atlantic Region office in Bethesda, Maryland. “It’s highly difficult to secure construction financing. Eastern Union takes pride in our ability to come through for our clients under conditions like this.”
The financing carried a 65-percent loan-to-cost value. The loan’s term was four years, with four years of interest-only payments. The interest rate was set at SOFR plus 3.875 percent. The identities of neither the owner nor the lender were disclosed.
“The closing of this construction transaction directly reflects Marc Tropp’s keen familiarity with the lending marketplace,” said Abe Bergman, president and co-founder of Eastern Union. “The client’s own bankers had declined to finance this deal. Thanks to Marc Tropp’s extensive knowledge of the lender universe, Eastern Union was able to close this transaction.”
