{"id":1916,"date":"2022-03-21T16:17:07","date_gmt":"2022-03-21T16:17:07","guid":{"rendered":"http:\/\/listselfstorage.com\/us\/industry-insights\/?p=1916"},"modified":"2022-03-21T16:17:07","modified_gmt":"2022-03-21T16:17:07","slug":"citi-lends-560-million-on-43-property-self-storage-portfolio","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/us\/industry-insights\/citi-lends-560-million-on-43-property-self-storage-portfolio\/","title":{"rendered":"Citi Lends $560 Million on 43-Property Self Storage Portfolio"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\nCitigroup\u00a0has closed a $560 million refinance for a 43-property self storage portfolio owned by Prime Storage Group, sources familiar with the deal told\u00a0Commercial Observer.<\/p>\n<blockquote><p>The floating-rate loan is indexed to\u00a0<a href=\"https:\/\/www.newyorkfed.org\/markets\/reference-rates\/sofr\">SOFR<\/a>. A source said the ultimate execution for the loan is still being mulled, given the current volatile interest rate environment. After thoughtful analysis, our team at Meridian was able to identify a path to strong value creation for our client by including 43 properties across 15 states in the collateral, achieving an ideal risk-adjusted opportunity for lenders.\u201d<\/p><\/blockquote>\n<p>Meridian Capital Group\u2019s\u00a0Drew Anderman,\u00a0Eddie Haber\u00a0and\u00a0Benjamin Nevid\u00a0arranged the financing.<\/p>\n<p>Meridian officials declined to confirm the identity of the sponsor or lender, but said the 2.9 million-square-foot portfolio spans 15 states and the properties boast more than 90 percent occupancy. Officials also said that the borrower believes that the net operating income will continue to increase by bringing rates up to market.<\/p>\n<p>\u201cAfter thoughtful analysis, our team at Meridian was able to identify a path to strong value creation for our client by including 43 properties across 15 states in the collateral, achieving an ideal risk-adjusted opportunity for lenders,\u201d Anderman said. \u201cReflective of lender interest, the term sheet was signed at the end of December 2021 and closed in two months\u2019 time.\u201d<\/p>\n<p>Only last month, Citi teamed up with\u00a0Barclays<a href=\"https:\/\/commercialobserver.com\/2022\/02\/barclays-citi-refi-delaware-industrial-portfolio-with-138m-loan\/\">on another portfolio refinance<\/a>. In that instance, the two bank heavyweights provided a $138 million financing for a 2.2 million-square-foot portfolio in New Castle, Del., as first reported by CO.<\/p>\n<p>As one source put it, \u201cself storage and industrial continue to be in vogue; demand and competition is off the charts.\u201d<\/p>\n<p>Officials at Prime Storage didn\u2019t immediately return a request for comment. Citi officials couldn\u2019t immediately be reached for comment.<\/p>\n<div id=\"commercialobserver_300x250_incontent_dsk_2\" class=\"ad-wrapper ad-top-margin ad-desktop ad-incontent htlad-commercialobserver_300x250_incontent_dsk_2\">\n<div id=\"htlad-12\" class=\"htl-ad htlunit-commercialobserver_300x250_incontent_dsk_2\" data-unit=\"commercialobserver_300x250_incontent_2\" data-lazy-pixels=\"1000\" data-sizes=\"0x0:|1024x0:300x250\" data-prebid=\"0x0:|1024x0:300x250,InContent\" data-refresh=\"viewable\" data-refresh-secs=\"20\">\n<div id=\"htlad-12-gpt\" class=\"htl-ad-gpt htl-size-300x250\" data-google-query-id=\"CMqa8t7M1_YCFcedAAAdJT8Mug\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Citigroup\u00a0has closed a $560 million refinance for a 43-property self storage portfolio owned by Prime Storage Group, sources familiar with the deal told\u00a0Commercial Observer. The floating-rate loan is indexed to\u00a0SOFR. A source said the ultimate execution for the loan is still being mulled, given the current volatile interest rate environment. After thoughtful analysis, our team at Meridian was able to identify a path to strong value creation for our client by including 43 properties across 15 states in the collateral, achieving an ideal risk-adjusted opportunity for lenders.\u201d Meridian Capital Group\u2019s\u00a0Drew&hellip;<\/p>\n","protected":false},"author":7,"featured_media":556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/1916"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=1916"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/1916\/revisions"}],"predecessor-version":[{"id":1917,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/1916\/revisions\/1917"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/556"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=1916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=1916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=1916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}