Image courtesy: JLL
By Joshua Burd
Nuveen Real Estate has provided a $115 million loan to refinance a portfolio of nine self-storage facilities across the tristate region, brokers with JLL announced Friday.
According to the debt placement team, the 9,578-unit portfolio includes properties in Haledon, Elizabeth, Linden and Perth Amboy in New Jersey and the Bronx, Floral Park, Garden City, Huntington Station and Yorktown Heights in New York. Nuveen originated the first mortgage financing to Storage Post, which acquired what was a 633,364-square-foot portfolio in 2022 and has grown it to 723,664 rentable square feet.
JLL Senior Managing Director Steven Klein and Director Robert Tonnessen of the firm’s capital markets group arranged the financing.
“Storage Post’s long history and track record operating self-storage assets in the New York metro area uniquely positions them to leverage market dynamics, optimize performance and drive growth in this competitive sector,” Klein said. “It was a pleasure to work with Nuveen, further enhancing the potential for success in this venture.”
