Marc Tropp of Eastern Union Secures $10.1 Million in Financing for Construction of 690-Unit Self-Storage Facility in Davenport, FL

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Jun 25, 2024, 08:39 ET

BETHESDA, Md., June 25, 2024 /PRNewswire/ -- 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, FL. Davenport is situated approximately 65 miles east of Tampa.

Eastern Union, based in New York, is one of America's largest providers of commercial mortgage brokerage and capital markets advisory services. Together with senior managing director David Merkin, Mr. Tropp oversees the firm's Mid-Atlantic Region office in Bethesda, MD.

Marc Tropp, senior managing director with Eastern Union, secured $10.1 million in financing toward ground-up construction of a five-story, 690-unit, self-storage facility in Davenport, FL, located 65 miles east of Tampa. Together with senior managing director David Merkin, Mr. Tropp oversees the firm's Mid-Atlantic Region office in Bethesda, MD.

The climate-controlled property will have a gross square footage of 103,020 square feet and 76,431 square feet of rentable space.

"Today's owners and developers are operating in the most challenging market environment since the crash of 2008," said Mr. Tropp. "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 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."

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 facility will be operated by CubeSmart, a real estate company focused on the ownership, operation, acquisition, and development of self-storage facilities in the United States.

About Eastern Union

Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

The company's Mid-Atlantic Region office, led by Marc Tropp and David Merkin, is located in Bethesda, MD.

Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.

For more information, visit www.easternunion.com.

Media contact:
Steve Vitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union