Newmark announces that the firm has arranged a $300 million programmatic joint venture between Maya Capital Partners and Artemis Real Estate Partners focused on high-quality value-add self storage assets in the Northeastern United States. The Newmark team was led by Vice Chairmen and Co-Heads of the Debt & Structured Finance team Dustin Stolly and Jordan Roeschlaub.
Transactions will comprise both marketed and off-market acquisitions of high-quality value-add properties and certificate of occupancy lease-up plays with the goal of creating a diverse portfolio of assets. The Venture was seeded by the acquisition of a 1,120-unit Class A self storage asset in New Rochelle, New York. The 96,693-square-foot facility consists of a single, four-level building that is 100% climate controlled. The asset, which just received its certificate of occupancy, will allow the opportunity for immediately lease-up at market rents to garner maximum rental revenue. CIBC provided the financing for this transaction.
The Venture will utilize Maya’s existing “Drive Up Storage” brand, a tech-forward operating system, remote management and deep data analytic capacity, and on-site, kiosk-driven customer interaction and interfacing.
“Maya has great success in the self storage space and this new venture with Artemis will allow them to vastly expand their platform as they grow to become one of the preeminent storage operators in the region,” commented Roeschlaub.
“This opportunity was extremely well received by the capital markets community which speaks to the availability of capital for operators with unique business plans focused on aggregating alternative real estate assets,” added Stolly.
The effort to raise capital for the project is part of Newmark’s continued push into complex joint venture financing. Led by Stolly and Roeschlaub, the initiative focuses on raising capital for both platform and programmatic joint ventures. The group recently arranged a $1 billion cold storage platform venture backed by $350 million in equity.
