Eastern Union has announced securing $58 million in bridge financing for Cohen Investment Group, a commercial real estate investment company that acquired a self-storage complex in Virginia Beach, Va.
The property, Castleton Commerce Center, totals 390,380 square feet in size and is the most recent storage acquisition of Cohen Investment, which has added 11 storage properties in its portfolio this year. Eastern Union managing director David Merkin closed the $58,150,000 loan for Cohen.
“This acquisition represents a wonderful addition to our storage property portfolio and is also the largest acquisition in our overall portfolio to date,” said Hugh Cohen, president of Cohen Investment Group. “By taking a hands-on approach to managing this property, we will generate operational efficiencies that will boost value.