NYC Self Storage Portfolio Scores $156M Refi
The portfolio spans more than 7,200 units across three boroughs.
Prime Storage has received a $156 million refinancing loan for its NYC Prime Self Storage Portfolio, a three-property collection of Class A assets totaling more than 7,200 units in three boroughs. Affinius Capital originated the loan, and 3650 Capital provided $36 million in mezzanine debt. CBRE vice chairman Drew Anderman arranged the transaction.
The loan will be used to refinance all three Prime-branded self storage locations in the portfolio. These include 1260 Zerega Avenue in the Bronx, 31-07 20th Avenue in Queens and 1084 Rockaway Avenue in Brooklyn. The facilities were opened and renovated in 2016 and 2017, Yardi Matrix data shows.
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Each facility offers 100 percent climate-controlled units in varying unit sizes, with prices ranging from $10 a month to over $1000. Properties also offers on-site management and leasing offices, 24/7 surveillance, elevators, controlled-gate and drive-up access for renters.
Self storage slowdown
Storage Café shows that in New York City, there are currently over 40,000 units across 290 self-storage properties totaling 23.9 million square feet. There is also a projected 728,327 square feet set to come online in the area by the end of the year.
On a national scale, self-storage construction continues to slow down. According to the latest Yardi Matrix self-storage report, the U.S. has 3,043 self-storage properties in various stages of development. Metros such as New York, San Francisco and San Diego have remained flat on their average advertised street rates.
