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Natixis Provides $30MM Acquisition Financing for Brooklyn Self-Storage Facility

August 23, 2018, 07:11 AM
Filed Under: Construction

Natixis originated a $30 million acquisition loan for affiliates of New York City-based Joy Construction and Maddd Equities. The loan proceeds will be used to acquire the five-story self-storage property located in the Ft. Greene neighborhood of Brooklyn at 202-208 Tillary Street.

The new owners plan to continue self-storage operations while they evaluate potential redevelopment opportunities. The Property was recently re-zoned from an R-6 to C6-4 designation thereby nearly doubling the developable square footage of the property from approximately 120,000 sq. ft. to 235,000 sq. ft.

The Property is located just east of Flatbush Avenue in downtown Brooklyn, an area that has seen a number of former industrial buildings redeveloped into multifamily use. The Property is situated within ½ mile of a range of subway options, including the F at York Street, the A at Jay Street and the N,Q,and R at Flatbush and Dekalb.

Joy Construction and Maddd Equities are repeat clients of Natixis. The financing was arranged by Kathy Anderson and Brad Domenico from Progress Capital in Tinton Falls, NJ.

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