Rosewood Property Co. has secured a $125 million refinancing loan for a 19-property self-storage portfolio under its ownership. PGIM Real Estate, Prudential Financial’s real estate investment and financing division, arranged the loan, while Newmark represented the borrower in the transaction.
The portfolio encompasses 9,970 units across 1.2 million rentable square feet. Located in five different states, there are 13 facilities in Pennsylvania, three in Maryland, and one each in New Jersey, Indiana, and Kentucky. The portfolio has been under Rosewood’s ownership for more than a decade, during which it has improved its average occupancy rate to the current figure of 91 percent.
Newmark’s Co-Presidents of Global Debt & Structured Finance Jonathan Firestone and Jordan Roeschlaub, together with Vice Chairmen Nick Scribani and Clint Frease, as well as Director John Caraviello, secured the financing on behalf of Rosewood Property Co. Self-Storage Capital Markets Vice Chairman Aaron Swerdlin and Executive Managing Director Andrew Warin aided the Newmark team in the transaction.