JLL Secures $87M Refi for Multi-State Storage Portfolio

The firm’s Capital Markets team arranged the loan on behalf of SROA Capital.

SROA Storage. Image courtesy of JLL

JLL Capital Markets has secured $87 million to refinance a 36-property, multi-state storage portfolio on behalf of SROA Capital. Senior Vice President Griffin Guthneck arranged the five-year, interest-only 3.21 percent fixed-rate senior lien.

The portfolio spans across three states and encompasses four facilities in Florida, 13 in Kentucky and 19 in Ohio. SROA Capital owns 133 properties totaling 6.6 million square feet in 10 U.S. states, including Delaware, Georgia, Michigan and New Jersey.

In June, the company acquired 52 Cube Smart facilities, comprising more than 2.5 million square feet. The portfolio transaction was subject to $166.7 million in financing provided by TIAA, according to Yardi Matrix data. The firm, which aims to continue expanding its footprint, will launch SROA Capital Fund VIII by the first quarter of 2020.

Earlier this year, JLL’s team also arranged $32 million, on behalf of SROA Capital, to refinance a 400,000-square-foot storage facility in New Jersey.

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