Dallas-based Rosewood Property Co. has secured a $125 million refinancing loan for a 19-property self-storage portfolio under its ownership. PGIM Real Estate, Prudential Financial’s real estate investment and financing division, arranged the loan, while Newmark represented the borrower in the transaction.
The portfolio encompasses 9,970 units across 1.2 million rentable square feet. The facilities are located in five different states, with 13 of them in Pennsylvania, three in Maryland and one each in New Jersey, Indiana and Kentucky. The portfolio has been under Rosewood’s ownership for more than a decade, during which it has improved its average occupancy rate to the current figure of 91 per cent.
Newmark’s Co-Presidents of Global Debt & Structured Finance, Jonathan Firestone and Jordan Roeschlaub, together with Vice Chairmen Nick Scribani and Clint Frease, as well as Director John Caraviello, secured the financing on behalf of Rosewood Property Co. Self-Storage Capital Markets Vice Chairman Aaron Swerdlin and Executive Managing Director Andrew Warin aided the Newmark team in the transaction.
As of March, the overall national advertised street rate of self-storage facilities dropped to $16.51, down 0.2 per cent year-over-year, according to a recent report. During the same month, there were a total of 3,191 facilities in all stages of development across the U.S., out of which 734 were under construction.
