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Manhattan Mini Storage lines up $2.1B CMBS refinancing for 54,000 units
The $2.1B floating-rate loan will fund a 2022 payoff and is slated to close around Oct. 8, targeting a nearly 87% occupied Manhattan portfolio.
Manhattan Mini Storage, the self-storage operator described as New York City's largest, has lined up more than $2B in CMBS financing to refinance a 16-property Manhattan portfolio, despite rising scrutiny of the storage sector, according to a KBRA presale report cited by Bisnow.
The collateral covers about 54,000 units across roughly 2.2M SF in Manhattan, with additional space totaling about 293K SF that includes commercial and other miscellaneous uses. The properties are nearly 87% occupied based on a June rent roll.
The planned $2.1B floating-rate loan is expected to have a two-year initial term with three 12-month extension options, and it will be used to pay off a 2022 mortgage for the same amount. The transaction is expected to close around Oct. 8.
Bisnow also reports that Manhattan Mini Storage has expanded since closing on a 15-property acquisition in January, bringing it to 51 locations in the New York metropolitan area, and that it has invested $42M between 2022 and 2025 to upgrade the properties. The KBRA collateral includes the largest asset offered, a 420 E. 62nd St. site, which the company helped upgrade and expand with $16.2M.