Newmark Secures $425M Loan for National Self-Storage Portfolio

Newmark Group, Inc., a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, has announced that they have arranged a $425 million loan on behalf of Centerbridge Partners and Merit Hill Capital for the refinancing of a national portfolio of 78 self-storage properties.

Newmark Co-President of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani, and Director John Caraviello secured the financing from Citigroup and Goldman Sachs.

The Portfolio totals nearly 32,000 units across 4.65 million rentable square feet and is strategically located in multiple states. Under the sponsor’s ownership, the Portfolio has experienced outstanding Net Operating Income (NOI) growth in excess of 18% since 2023. Leading national self-storage platforms Extra Space, CubeSmart and Argus manage the properties third-party.

According to Newmark Research, demand for self-storage units across the U.S. remains strong, with same-store occupancy of 90.7% and elevated Google search traffic. Sophisticated revenue management platforms, improving operational efficiency and healthy consumer fundamentals have helped the sector navigate troughs in demand and maintain strong NOI margins.

About Centerbridge Partners

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of June 30, 2025, has approximately $43 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com | LinkedIn.

About Merit Hill Capital

Merit Hill Capital is a real estate investment firm focused on acquiring one-off or small portfolio investments in private market transactions. Founded in 2016 by Liz Raun Schlesinger, Merit Hill manages REITs focusing on self-storage properties and has been an active investor in varying market cycles over the past 19+ years. Since inception, Merit Hill has acquired 535 self-storage facilities, in 339 separate transactions, consisting of more than 34.4 million rentable square feet across 38 states. Merit Hill engages third-party property managers, including some of the largest publicly traded self-storage REITs, to manage daily operations at the property level. Merit Hill actively oversees the third-party property managers while implementing targeted value-add initiatives and selective capital improvement projects to improve operational performance and maximize investor returns.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.