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ACORE Capital backs $140M refinance of eight Northeastern self-storage sites
The portfolio includes 7,650 climate controlled units across 742,855 square feet, with Extra Space Storage set to operate the properties.
A joint venture between the Ardent Companies and StepStone Real Estate secured a $140 million floating rate loan to refinance a portfolio of eight Class A self-storage properties across seven northeastern U.S. states, according to a release cited by Commercial Observer.
ACORE Capital provided the debt, while a JLL Capital Markets team led by Brian Somoza arranged the transaction. JLL said ACORE was drawn by supply constraints for new self-storage in the region and by the sponsorship’s experience in the asset class.
The eight properties total 7,650 units and 742,855 square feet, and Commercial Observer reported they are climate controlled and recently built. Extra Space Storage will operate the portfolio under a third party arrangement.
JLL Capital Markets noted the institutional investment reflected the lenders’ focus on quality sector exposure, while Ardent’s Thomas Olson said the deal marks a milestone in its self-storage strategy and emphasized continued asset optimization and long term value creation.