First Citizens Bank has provided $157 million in financing to Morningstar Properties to refinance Blue Doors Storage Fund IV, a private-equity vehicle operated by Morningstar affiliate Blue Doors Capital Management. The fund focuses on self-storage acquisitions and development in major metro and secondary markets across the U.S. Charlotte-based Morningstar Properties has developed and operated more than 250 self-storage projects totaling over 15 million square feet since its founding in 1981.
The deal reflects ongoing institutional lending activity in the private self-storage sector.
Source: PR Newswire – by CISION
