NYC Self-Storage Portfolio Lands $100M Loan from PGIM 

NYC Self-Storage Portfolio Lands $100M Loan from PGIM 

A joint venture between The Carlyle Group and Sabharwal Properties has secured a $100 million debt package to refinance four New York City self-storage assets. PGIM Real Estate provided the loan for the developer’s portfolio, which includes CubeSmart Self Storage sites at 92 Caton Place and 266 Wild Avenue in Brooklyn, and two StorQuest Self Storage sites at 55 King Street and 507 Osborn Street in Brooklyn.  

Walker & Dunlop arranged the transaction with a team led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Ari Hirt, Bill Herring and Stanley Cayre. The loan retired previous construction debt of $75.8 million from Bank OZK and Santander.  

These properties were completed in 2020 and 2021. The Carlyle Group has been expanding its self-storage presence, acquiring four properties in Queens and Brooklyn in April as part of a $110.4 million deal with Safe N Lock Self Storage. 

Article Source: https://www.connectcre.com/stories/nyc-self-storage-portfolio-lands-100m-loan-from-pgim/ | Post Publish Date: June 17, 2024 1:44 pm | Author Name: *If Author Name fails to auto populate herein, auto population of Author to auto generate on previous news page, via RSS aggregator, or follow the "Article Source" link above to open original post URL. VANDEWEERD COMMERCIAL / VANDEWEERD, LLC is making or makes said material available and/readable for the following (to include but not be limited to): News Reporting, Teaching, Research Purposes, etc. See Terms of Use along with Privacy Policy for additional information.