316 W. First St., Mount Vernon, NY/ photo credit: Talonvest Capital
NEW YORK CITY— GoodFriend Management, a self-storage company based in New York City, and its partner, Clark Investment Group based in Witchita, KS, received a $48.8 million refinance bridge loan. The refinancing was secured by three, new storage properties totaling 175,531 net rentable square feet. All located in New York, the industrial properties are at 1320 Zerega Ave. in the Bronx; 316 W. First St. in Mt. Vernon; and 175 Huguenot St. in New Rochelle.
The cash out, non-recourse, three-year, interest-only loan with extension options is priced at a competitive spread over LIBOR and features interest rate step-downs based on achieving performance hurdles at the properties. The loan was funded by a full-service commercial real estate lender affiliated with an international merchant bank. It included an interest/operating reserve, individual release provisions and prepayment flexibility.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
