First Citizens Bank Provides $157M Financing To Morningstar Properties

First Citizens Bank’s Middle Market Banking business has provided $157 million in financing to Morningstar Properties to refinance Blue Doors Storage Fund IV, an investment vehicle sponsored by Morningstar’s private-equity real estate affiliate, Blue Doors Capital Management.

Blue Doors Storage Fund IV invests in the acquisition and development of self-storage properties in major metropolitan markets and strategic secondary markets across the United States.

"The First Citizens' Middle Market Banking team has been a trusted financial partner and advisor as we've grown our Blue Doors platform," said Wesley Carter, CFO of Morningstar Properties. "Their continued support provides us with the flexibility to invest in high-quality self-storage assets and capitalize on attractive opportunities as we expand our portfolio."

Eric Searls, managing director of Middle Market Banking at First Citizens, said the financing reflects the bank’s continued support for specialty real estate operators.

"Morningstar Properties has built one of the most respected platforms in the self-storage industry, and we're proud to support their long-term growth strategy," Searls said. "This latest transaction reflects our long-standing commitment to providing flexible capital solutions to specialty real estate operators like Morningstar."

Morningstar Properties operates a self-storage platform focused on acquisitions, development and investment in markets across the country. Blue Doors Capital Management serves as the company’s private-equity real estate affiliate.

First Citizens Middle Market Banking is part of the bank’s Commercial Bank and provides financial services to midsize businesses through a relationship-based banking model. Its offerings include deposits, loans, treasury services and other financial products for manufacturers, distributors and service businesses.