Prime Storage Secures Refinancing Loan For New York Portfolio

Prime Storage has received a $156 million refinancing loan for its three-property Prime Self Storage portfolio of Class-A assets totaling more than 7,200 units in three NYC boroughs. Affinius Capital originated the loan, and 3650 Capital provided $36 million in mezzanine debt. CBRE vice chairman Drew Anderman arranged the transaction.

The loan will be used to refinance all three Prime-branded self-storage locations in the portfolio: 1260 Zerega Avenue in the Bronx, 31-07 20^th Avenue in Queens, and 1084 Rockaway Avenue in Brooklyn. The facilities were opened and renovated in 2016 and 2017.

Each facility offers 100 percent climate-controlled units in varying unit sizes, with prices ranging from $10 a month to over $1000. Properties also offers on-site management and leasing offices, 24/7 surveillance, elevators, controlled gate, and drive-up access for renters.