Cohen Investment Group of Virginia Beach, VA Refinances Ownership of 470,618-Net-Rentable-Square-Foot Castleton Commerce Center in Virginia Beach, VA

Eastern Union Arranges $51.5 Million in Refinancing for Self-Storage Complex

VIRGINIA BEACH, Va. and BETHESDA, Md., Jan. 7, 2025 /PRNewswire/ -- Cohen Investment Group (CIG), a commercial real estate investment company based in Virginia Beach, VA, has refinanced its ownership of Castleton Commerce Center, a 470,618-net-rentable-square-foot self-storage and flex-storage complex at 2424 Castleton Commerce Way in Virginia Beach, VA.

David Merkin of Eastern Union, one of the country's largest commercial real estate brokerage firms, secured a $51.5-million, fixed-rate refinancing package for Cohen Investment Group through a relationship with Bank of America. Based in Bethesda, MD, David Merkin is a senior managing director in Eastern Union's Mid-Atlantic Group.

CIG had originally acquired the property in 2021 with the help of a $58,150,000 bridge loan originated by Eastern Union.

Cohen Investment Group has acquired a total of 64 self-storage properties through 16 acquisitions within the asset class since 2020. Founded in 2013, the company has owned and operated more than 2,318,866 of rentable storage space, over 30 multifamily assets, and has had holdings in the office, student housing, and retail sectors.

Cohen Investment Group describes the Virginia Beach property as "a unique asset with high historic occupancy, strong in-place revenue, and the ability to add value in a growing market." It contains roughly 142,843 square feet of self-storage units in addition to 327,775 square feet of warehouse storage. Overall, Castleton Commerce Center contains 409 storage units, 375 warehouse units, and 190 boat and RV parking units.

"We generated operational efficiencies at Castleton Commerce Center by taking a hands-on approach to property management," said Hugh Cohen, president of Cohen Investment Group. "The site is now well positioned for the execution of a profitable exit plan in the coming years that will benefit our investors."

"Eastern Union delivered competitive, fixed-rate financing enabling the client to continue to grow revenue substantially and exit at a high cap rate," said Mr. Merkin. "Cohen Investment Group's successful ownership of this asset is largely attributable to the firm's first-class asset management capabilities."

CIG's strategic approach is to identify value-add opportunities with an emphasis on purchasing under-performing real estate assets below replacement cost. The company then brings in impactful and trusted third-party property management partners to maximize value while improving physical appearance and operational efficiency with the goal of growing net operating income and net cash flow for investors to levels above original projections. CIG then monitors market conditions to identify a timely disposition resulting in a positive capital event that delivers solid returns for investors.

About Cohen Investment Group

Founded in 2013, Cohen Investment Group (CIG) is a privately owned commercial real estate investment firm based in Virginia Beach, VA. CIG and its affiliated entities have transacted on over $1B in real estate since its founding. The company focuses on acquiring properties in primary, secondary and tertiary markets in the mid-Atlantic and Southeast regions, with a primary focus on multifamily and storage assets. CIG's team consists of highly skilled professionals with extensive backgrounds in acquisitions, asset management, accounting, property management, dispositions, analysis and reporting, leasing, sales, marketing and legal studies.

For more information, visit www.coheninvestmentgrp.com.

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 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