Cohen Investment Group's $51.5M Refinancing Boosts Block's Self-Storage Growth Strategy

### Strategic Growth in Self-Storage: Cohen Investment Group Secures $51.5 Million Refinancing

Cohen Investment Group (CIG) fortifies its position in the self-storage sector with a successful $51.5 million refinancing package arranged by Eastern Union. This financial maneuver supports CIG's ownership of the Castleton Commerce Center, a significant self-storage and flex-storage facility in Virginia Beach, Virginia. With a total of 470,618 net rentable square feet, the Castleton Commerce Center is recognized as a valuable asset within CIG's expanding portfolio, which has seen substantial growth since its establishment in 2021. This refinancing not only highlights the property's financial stability but also enhances CIG's capacity to leverage its real estate holdings for future ventures.

David Merkin, a senior managing director at Eastern Union, plays a pivotal role in securing this refinancing through a collaboration with Bank of America. The Castleton Commerce Center was initially acquired by CIG in 2021 using a $58.15 million bridge loan also facilitated by Eastern Union. This transaction illustrates the confidence lenders have in CIG's business model and the self-storage market's resilience. CIG’s strategic approach has allowed it to acquire 64 self-storage properties through 16 transactions since 2020, managing over 2.3 million square feet of rentable storage space, while also diversifying its interests in multifamily, office, student housing, and retail assets.

CIG describes the Castleton Commerce Center as a unique investment, noting its high historic occupancy rates and robust in-place revenue. This refinancing initiative not only consolidates CIG's financial foundation but also positions the firm to pursue additional growth opportunities within the self-storage sector. As the demand for self-storage continues to rise, driven by urbanization and changing consumer habits, CIG’s strategic refinancing reflects a proactive approach to capitalize on emerging opportunities in real estate.

In related developments, CIM Group announces a long-term lease with Miramax for 16,000 square feet of office space at The Lot at Formosa in West Hollywood, California. This agreement marks the establishment of Miramax's new headquarters at a historic entertainment production campus that CIM Group has owned since 2007. The campus has a rich legacy, having hosted numerous iconic films and modern television productions, underscoring its significance in Southern California's entertainment landscape.

CIM Group has undertaken extensive modernization efforts at The Lot, enhancing its facilities while maintaining its historical integrity. Their commitment to environmental, social, and governance (ESG) initiatives emphasizes a focus on community-oriented investments, reflecting a broader trend in the real estate industry towards sustainable and responsible development practices.