InSite Property Group Lands $140M Loan for Storage Pipeline
- Mar 15, 2021
InSite Property Group has received a $140 million construction facility—with a $215 million expansion option—for the development of its Class A self storage portfolio across various markets in the U.S. ACORE Capital provided the floating-rate note, with JLL representing the borrower.
According to JLL’s Senior Managing Director Bill Fisher, the self storage sector has been one of the top-performing asset classes throughout the pandemic. InSite, which manages its facilities under the Secure Space Self Storage brand, has remained an active player since the onset of the global health crisis. Currently, the company has 40 projects spanning nearly 5 million square feet of Class A storage space in its investment pipeline, across the country.
Last January, InSite expanded its Tampa-area footprint with the purchase of a recently completed, three-story property in Palm Harbor, Fla., from Lockhart Management Group. Around the same time, the company picked up a 2,250-unit portfolio in Portland, Ore., in a $47 million transaction, according to Commercial Property Executive. Goldman Sachs provided a $200 million line of credit to back the deal, along with other future transactions.
The JLL Capital Markets Debt Placement team representing InSite in closing the current loan included Fishel, Senior Managing Director Matt Stewart and Analyst Chad Morgan. They collaborated with JLL’s national self storage team of Managing Directors Brian Somoza and Steve Mellon, as well as Senior Director Griffin Guthneck. Last February, Somoza and Mellon were part of the team arranging the nearly $20 million sale of an 87,597-square-foot self storage asset in Portland, Ore. Pegasus Group picked up the property from Banner Real Estate Group.