JLL Capital Markets recently announced it has closed on a $115 million refinancing package for a portfolio of nine Tri-State self-storage facilities owned and operated by Storage Post.
Nuveen Real Estate provided the first mortgage financing for the institutional-quality, Class A assets, which were acquired in 2022 by Storage Post, an industry leading self-storage owner and manager.
Ownership has grown the original 633,364-square-foot portfolio, located in prime regions of New York and New Jersey, to 723,664 rentable square feet across 9,578 units as a supply imbalance within the submarkets has driven strong demand. The New York assets are located in the Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights. The New Jersey assets are located in Haledon, Elizabeth, Linden and Perth Amboy.
The JLL Capital Markets team that arranged the transaction was led by Senior Managing Director Steven Klein and Director Robert Tonnessen.
“Storage Post’s long history and track record operating self-storage assets in the New York Metro area uniquely positions them to leverage market dynamics, optimize performance and drive growth in this competitive sector,” Klein said. “It was a pleasure to work with Nuveen, further enhancing the potential for success in this venture.”
