First Citizens Bank announced that its Middle Market Banking business provided a total of $65.8 million in financing for affiliates of Morningstar Properties, an investor in and operator of self storage facilities, marinas and other specialty real estate assets. The money was used for Morningstar’s purchase of three newly built self storage properties that will operate as Morningstar Storage.
The portfolio includes a 105,000 square-foot facility in Henderson, NV (above); a 141,000-square-foot self storage site off Eldridge Parkway in Houston, TX; and a 151,000-square-foot site off South Voss Road in Houston, TX.
