Newmark Group, Inc. arranged a $425-million loan on behalf of Centerbridge Partners and Merit Hill Capital for the refinancing of a national portfolio of 78 self-storage properties. Co-president of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani and director John Caraviello secured the financing from Citigroup and Goldman Sachs. Terms were not disclosed.
The portfolio totals nearly 32,000 units across 4.65 million rentable square feet and is strategically located in multiple states. Under the ownership of Centerbridge and Merit Hill, the portfolio has seen NOI growth of greater than 18% since 2023. Extra Space, CubeSmart and Argus manage the properties on a third-party basis.
According to Newmark Research, demand for self-storage units across the U.S. remains strong, with same-store occupancy of 90.7% and elevated Google search traffic. Sophisticated revenue management platforms, improving operational efficiency and healthy consumer fundamentals have helped the sector navigate troughs in demand and maintain strong NOI margins, Newmark said.
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