JLL Capital Markets announced today that it has arranged $33.2 million in financing for Storage Post’s new 2,388-unit self storage facility located at 620 Richmond Terr. in Staten Island, New York.
JLL worked on behalf of the borrower, Storage Post Self Storage, to secure $33.2 million loan through SoundPoint Capital, an alternative asset management firm based in New York with $28.9 billion of assets under management. Storage Post acquired the brand-new, four-story facility as part of its rapid growth in 2022.
Located in the North Shore of Staten Island, the newly completed facility offers climate-controlled units that vary from 15 to 300 square feet. Amenities include indoor loading bays, motion-activated LED lighting, packing and moving supplies, elevators, digital keypad access and energy-efficient building management systems.
The property benefits from a 15-year Industrial and Commercial Abatement Program in which taxes are reduced by a 100% for the first 11 years. 620 Richmond Terr. is in a high barrier-to-entry, densely populated trade area with low self storage supply.
The property’s location within an underpenetrated, densely populated market, combined with Storage Post’s self storage expertise, present an opportunity for rapid lease-up and asset stability.”
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Steve Klein, Director Robert Tonnessen, Vice President Jackie Ferrer and Associate Ricky Song.
“The property’s location within an underpenetrated, densely populated market, combined with Storage Post’s self storage expertise, present an opportunity for rapid lease-up and asset stability,” Klein said.
“Lender appetite for well-located, best-in-class self storage assets remains strong in what has been a volatile market and we are thrilled to have been able to secure competitive financing from a lender eager for a foothold in the space with an investment positioned for long-term gain,” Tonnessen added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Storage Post
Headquartered in Atlanta, Georgia, Storage Post is a leading self storage company that is transforming the storage industry. The company focuses on quality self storage units, operational excellence, positive customer service and increased returns for investors. Storage Post has locations along the East Coast and throughout the South and is rapidly expanding through self storage acquisitions and development. For more information on Storage Post and its executive leadership, please visit StoragePost.com.
About Sound Point Capital Management, LP
Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point’s strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $28.9 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are strategic investors in our business. For more information, please visit Sound Point’s website at SoundPointCap.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit JLL.com.
