JLL Capital Markets has arranged $140 million in refinancing for a portfolio of eight Class A self-storage properties totaling 742,855 square feet across seven Northeastern states. The financing supports a continuation vehicle formed by The Ardent Companies and StepStone Real Estate.
JLL represented Ardent and StepStone in securing the floating-rate loan from ACORE CAPITAL, a commercial real estate investment manager.
The portfolio includes 7,650 climate-controlled storage units across eight facilities located in suburban retail markets with strong demographic characteristics. The assets are managed by Extra Space Storage and serve densely populated trade areas throughout the Northeast.
“This refinancing represents an important milestone in the continued execution of our self-storage strategy and reinforces the strong foundation of our partnership with StepStone,” said Thomas Olson, Partner and Head of Self-Storage Strategy for The Ardent Companies. “As we advance the next phase of this portfolio’s lifecycle, we remain focused on optimizing operations and creating long-term value through disciplined asset management and strategic growth.”
The JLL Capital Markets team advising on the transaction was led by Senior Managing Directors Brian Somoza and Steven Klein and Senior Director John Bauman, with support from associates Campbell Swango and Shishir Reddy.
"The market’s strong competitive response to the financing request demonstrates capital’s conviction in the self-storage industry and more specifically, the quality of The Ardent Companies’ developed portfolio," said Bauman. "We’re honored to have had the opportunity to work with all parties to this transaction and are thrilled with the execution for our client.”
"ACORE's commitment to this financing underscores the institutional appeal of newly delivered, climate-controlled self-storage assets in supply-constrained Northeast markets," added Klein. "The combination of The Ardent Companies' development expertise and these best-in-class facilities created a compelling value proposition that resonated strongly with lenders seeking quality exposure to the sector."