Cohen Investment Group (CIG) has recently refinanced its ownership of Castleton Commerce Center, a large self-storage and flex-storage complex located at 2424 Castleton Commerce Way in Virginia Beach, Virginia. The $51.5 million fixed-rate refinancing package was secured by David Merkin of Eastern Union through their relationship with Bank of America. Merkin is a senior managing director based in Bethesda, Maryland and part of Eastern Union’s Mid-Atlantic Group.
According to Merkin, the competitive fixed-rate financing provided by Eastern Union will allow CIG to continue growing their revenue significantly and exit at a high cap rate. This is not the first time that CIG has worked with Eastern Union for financing on this property – they originally acquired it in 2021 using a $58,150,000 bridge loan from the same company.
The property itself consists of approximately 142,843 square feet dedicated to self-storage units and another 327,775 square feet for warehouse storage. In total there are 409 storage units available along with an additional 375 warehouse units and space for up to190 boats or RVs.
This successful refinance deal marks yet another accomplishment for both Cohen Investment Group as well as Eastern Union who continue to provide top-notch services within the commercial real estate industry.
