CenterBridge, Merit Hill Capital Land $170M for Storage Portfolio
Bank of America provided the loan for 33 properties.
Image courtesy of Adam Winger via Unsplash.com
CenterBridge Partners and Merit Hill Capital have received $170 million in financing for 33 properties, located in 16 states across the U.S. Bank of America provided the loan.
The Newmark team which arranged the financing included Vice-Chairmen Jordan Roeschlaub and Dustin Stolly, Senior Managing Director Nick Scribani, in partnership with Vice Chairman Aaron Swerdlin and Senior Managing Director Taucha Hogue.
The 1.8 million-square-foot national portfolio is managed by CubeSmart and Extra Space Storage. Since its launch in 2016, Merit Hill Capital has acquired 360 facilities, totaling more than 19 million rentable square feet across 33 states. The company’s strategy for investment is to make acquisitions in markets located within the nation’s top 30 MSAs; to choose locations that are in high demand and have restrictions on adding new supply; and to select a property that can add diversification the company’s portfolio. Dustin Stolly stated in prepared remarks that the company is targeting local facilities, bringing them to institutional standards.
Some of Merit Hill Capital’s recent transactions include the acquisition of an 82,734-square-foot facility in Lake Elsinore, Calif., for $20.3 million. Earlier this month, the company sold a 148,900-square-foot property in Santa Rosa, Calif., to Andover Properties.
Last week, the same Newmark team arranged another loan for a self storage portfolio, provided by Bank of America. SpareBox received $462.5 million to refinance 108 properties located in nine states across the U.S.
