New Jersey Storage Portfolio Scores $55M Refi
- Feb 01, 2021
The Alan Mruvka Co. has secured a $55 million financing package for a five-property self storage portfolio in New Jersey. Natixis originated the variable interest rate note, according to Commercial Observer.
The assets, operating under the Storage Blue name, encompass 328,707 square feet, according to Yardi Matrix data. At the time of closing, three of the properties were encumbered by CMBS loans totaling $25.2 million. Natixis originated the fixed-rate, 10-year mortgages in 2015.
The portfolio includes the following properties:
- Hudson County: 190 Baldwin Ave. in Jersey City; 315 Coles St. in Hoboken; and 3322 Hudson Ave. in Union City;
- Essex County: 200 Mt. Pleasant Ave. in Newark;
- Bergen County: 170 River Drive in Garfield.
The facilities were built between 1993 and 2019 and have both climate-controlled and non-climate controlled units ranging in size between 15 and 216 square feet. The locations have an on-site manager, drive-up access, RV and boat parking and video monitoring. The largest property in the portfolio is the 130,132-square-foot facility at 3322 Hudson Ave. The six-story building was completed in 1994.
Cooper Horowitz Principal Richard Horowitz and Mortgage Broker Justin Horowitz assisted the borrower, while Michael Magner of Natixis represented the lender, Commercial Observer reported.
The self storage sector continues to show strong fundamentals in the face of economic headwinds. Rent prices for the average 10×10 non-climate-controlled units increased 3.5 percent year-over-year, while rents for climate-controlled units of similar size recorded an uptick of 2.3 percent, according to a recent Yardi Matrix report.