Reliant Real Estate Management has secured an $86 million variable-rate bridge loan from New York Life Insurance Co. to refinance a nine-property Midgard Self Storage portfolio across Georgia, Florida, and North Carolina. The portfolio totals 5,975 units and 701,206 net rentable square feet, with all assets currently in lease-up. Gantry arranged the interest-only financing, which includes extension options and a replenished interest reserve.
The deal highlights continued lender appetite for stabilizing self-storage portfolios in Southeast markets where supply remains elevated, but rents have trended upward.
Source: Multi-Housing News
