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Meridian Lines Up $380M Financing on Nationwide Storage Portfolio
Meridian Capital Group arranged $380 million in financing for a 22-asset self-storage portfolio located across the country on behalf of Prime Holdings Group.
The floating rate CMBS loan was negotiated by senior managing director Drew Anderman, director Benjamin Nevid and associate Eddie Haber, all of Meridian’s New York City headquarters.
Totaling 1.2 million square feet and 11,700 units, the portfolio has over a 90% physical occupancy, and Prime has focused on increasing cashflow at each property to bring rents in line with the market. Sartoga Springs, NY-based Prime believes that now that the occupancy has stabilized, the NOI will continue to increase over the next few years.
“Meridian was able to capitalize on both Prime’s strong reputation as a best-in-class operator as well as strong lender interest in the self-storage sector to tailor flexible financing that is accretive to the borrower and their business plans for these assets,” said Anderman.
- ◦Financing
