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NEWS ROUNDUP

FINANCING: A joint venture between Centerbridge and Merit Hill Capital secures a $425 million refinancing for a 78-property self storage portfolio totaling nearly 4.7 million SF and 32,000 units. Newmark Group arranged the financing, with Citigroup and Goldman Sachs providing the loan. The portfolio, managed by Extra Space, CubeSmart and Argus, achieved more than an 18 percent NOI increase since 2023. Newmark’s Jordan Roeschlaub, Nick Scribani and John Caraviello led the debt placement.

ACQUISITION: Spartan Investment Group buys Colorado Springs storage facility. The 76,720 SF self storage facility was acquired for an undisclosed price. The locally owned property includes 139 units and will be managed by FreeUp Storage, Spartan’s in-house management platform. Built before 2000, the facility will undergo modernization, including the implementation of StoreEase, Spartan’s virtual management system.

ACQUISITION: A joint venture between Gardner Group and Management Elevated sells Saratoga Storage in Lehi, Utah. Completed in 2023, the 88,015 SF and 676-unit self storage facility spans three single-story buildings and includes 100 drive-up units. The facility features gated entry with a digital keypad, an onsite management office, 24/7 video surveillance, asphalt driveways, and roll-up doors. Jordan Farrer and Adam Schlosser of the LeClaire-Schlosser Group at Marcus & Millichap represented the seller in the transaction.

DEVELOPMENT: Deca Cos. secures $45M contrusction loan for San Francisco storage project. Affinius Capital and Axonic Capital issued the note for Extra Space McKinnon Avenue, a 1,600-unit self storage development in San Francisco. The future facility will operate under the Extra Space brand. The 175,000 SF, five-story project will feature fully climate-controlled and drive-ip units, RV and boat storage, gated access, and parking. Talonvest Capital Executive Director Kim Bishop arranged the financing. The project is one of the first new purpose-built self storage developments in San Francisco since 2002, following zoning restrictions that have limited future development opportunities in the metro.

FINANCING: Basis Industrial secures $27M construction loan for Long Island storage development. The 121,500 SF self storage facility will operate under the Public Storage brand and is scheduled to break ground immediately, with completion expected in early spring 2027. The senior and mezzanine loans were provided by NexBank and NexPoint, respectively. The financing was arranged by Basis Industrial President & Managing Partner Anthony Scavo, with NexPoint Director Taylor Colbert leading the deal and attorney Mike Mendelow representing NexBank. The project, located at 117 N. Long Beach Road, will feature climate-controlled units, gated access, and parking, and is part of Basis Industrial’s broader pipeline of four to five additional self storage developments planned over the next six to eight months.

FINANCING: Marcus & Millichap Capital Corp. (MMCC) secures $14M refinancing for Cape Coral self-storage facility. The 1,016-unit self-storage facility is located at 1111 S.W. Pine Island Road in Cape Coral, Florida. The 137,900 SF property is operated by CubeSmart and offers climate-controlled units and moving supplies for tenants. The loan was arranged by Doug Brooks of MMCC through a local bank on behalf of the borrower, Island Estate Group, a real estate investment company active in Florida, New York, Georgia, and South Carolina. The five-year financing includes 18 months of interest-only payments, a 25-year amortization, and a 60 percent loan-to-value ratio.