Arrow Arranges $24M Bridge Loan for Manhattan Self-Storage Property

Arrow Real Estate Advisors has arranged $24 million in bridge financing from QuadReal for a Class A, climate-controlled self-storage facility at 607 West 47th Street in Manhattan.

The loan, which closed Oct. 6, 2026, was arranged on behalf of property owner SJM Partners by Arrow’s Morris Betesh, Morris Dabbah and Zach Strauss.

The 52,116-square-foot facility contains approximately 1,395 self-storage units. SJM Partners acquired the development site in 2017 for $18.5 million and completed construction in the fourth quarter of 2021.

Since opening, the property has undergone operational changes intended to better align its unit mix with market demand. These efforts have included combining and reconfiguring smaller locker units to create larger storage spaces. Management transitioned from Public Storage to Manhattan Mini Storage in the first quarter of 2025, a move the company said contributed to improvements in occupancy and rental growth.

The financing presented several underwriting challenges, including the property's initial lease-up performance, an ongoing real estate tax appeal and additional self-storage supply coming online one block away.

Arrow conducted a lender marketing process focused on securing financing that accounted for the anticipated outcome of the tax appeal. Competing proposals included structures that would have provided less funding at closing, with additional proceeds contingent on the appeal's resolution.

Working with QuadReal, Arrow negotiated a financing structure that maximized proceeds at closing while providing SJM Partners with additional time to pursue the tax appeal and achieve its anticipated reduction in property taxes.

Arrow Founder and Managing Partner Morris Betesh said the financing structure was designed to address the property's specific circumstances while supporting its continued performance.

The transaction adds to QuadReal's activity in the New York City self-storage market, where its familiarity with the sector helped facilitate the financing, according to Arrow.