Day: October 4, 2022

Newmark Facilitates $170 Million Financing for Centerbridge Partners and Merit Hill Capital’s Self Storage Portfolio

Newmark Group, Inc. (Nasdaq: NMRK) (Newmark) has arranged the $170 million financing of a 33-asset, 1.8 million-square-foot national self storage portfolio on behalf of Centerbridge Partners and Merit Hill Capital. The portfolio is well-leased and located in strong primary markets and submarkets across 16 states. The properties are third-party managed by a combination of CubeSmart and Extra Space, broadly considered among the top operators in the self storage sector. Merit Hill Capital’s ability to source deals locally and bring them to institutional standards speaks to their deep knowledge of local…

Northern New Jersey Self Storage Asset Refinanced with $12 Million Loan

JLL Capital Markets announced today that it has arranged a $12 million refinancing for 10 Van Buren Avenue, an 830-unit, climate-controlled, self storage facility in the Northern New Jersey community of Westwood. JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank. Lakeland Bank, recognizing the strength of the asset and the sponsor, provided a competitive 10-year, fixed-rate permanent mortgage to take out the initial construction loan as the property reached stabilization.” The self storage facility was constructed in 2017…