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$22,240,000 Senior Participation
Cutchogue, NY | August 2023
Thorofare Capital has provided $22,240,000 in A Note Financing for GoodFriend Storage North Fork, a two-phase, 989-unit climate-controlled self-storage facility in Cutchogue, New York. The property sits off NY State Route 25, which is one of two main east-west routes along the North Fork of Long Island.
The proceeds from the A Note were utilized by the co-lender who originated a Whole Loan to refinance the original construction loan, complete the second phase and continue to stabilize the property occupancy. GoodFriend Storage North Fork consists of 610 phase one units, which total 82,949 SF and were 88% occupied at loan origination. The project was constructed by Jayeff Construction with RKAA Architects serving as the architectural and design firm.
The interest-only, structured whole loan carries an initial term of two years, in addition to two extension options.
The sponsor is a New York City and Miami, Florida-based private investor that developers, owns and manages self-storage properties in New York and Florida.