Real Estate
Home›Real Estate›Industrial & Land›Starwood Realterm secures $672M refinancing for outdoo…
Starwood Realterm secures $672M refinancing for outdoor storage portfolio
The financing covers a 78-property, 830-acre portfolio across 33 U.S. markets, with lenders calling it the largest deal of its kind.
Starwood Property Trust and Realterm announced a $672 million refinancing for a 78-property U.S. outdoor storage portfolio spanning 33 markets, describing it as the largest refinancing of its type. The lenders said the sites are part of an industrial outdoor storage portfolio totaling 830 acres.
The portfolio is owned by a joint venture between Stonemont Financial Group and Cerberus Capital Management. The two companies partnered in 2021 to build a nationwide portfolio of logistics and industrial outdoor storage facilities.
Starwood Property Trust President Jeffrey DiModica said the transaction highlights the breadth and depth of the REIT’s lending platform. Realterm Head of Credit Paul Sisson called the deal a significant milestone for its credit platform, adding that borrowers are seeking lenders with deep understanding of the industrial real estate and logistics sectors.
The credit deal comes as the outdoor storage sector is described as supply constrained, with low vacancy and limited pipeline. The story cites a 5.0% vacancy rate as of September and says rents have risen 123.0% since 2020, referencing a Newmark report.