The company operates more than 200 self storage properties in US, UK and Canada
January 17, 2019: The Columbia based self storage management firm StorageMart is refinancing a large portion of its portfolio to direct money toward development and expansion as well as to consolidate the operation of some assets. The company has a plan to expand its portfolio to more than 300 facilities by 2020.
AS per the plan, StorageMart collected $814.1 million form Citi Real Estate Funding, mostly in commercial mortgage-backed securities (CMBS). In that about $644 million will be split into tranches. The deal also includes $8.5 million for development and a $107.7 million cash-out, according to the Kroll Bond Rating Agency (KBRA), which analyzed the transaction. The other $170 million comes from a pair of $85 million mezzanine loans underwritten by Citi, as per the source.
The $644 million non-recourse loan is secured by 101 self-storage facilities comprising 7.5 million square feet, representing nearly half of the StorageMart portfolio and nearly all of its U.S. operating assets.
StorageMart Founded in 1999 is one of the largest privately-owned, family operated storage company in the world. StorageMart is led by the Burnam family, which has been in the storage industry for three generations. It has a portfolio of more than 12 million square feet. It serves more than 75,000 self-storage customers in different languages.