JLL Arranges Refi for Maine Self-Storage Asset

JLL has arranged a refinancing for a recently built self-storage facility managed by Extra Space Storage Inc. in South Portland, ME. Working on behalf of the borrower, The Ardent Companies, a JLL Capital Markets Debt Advisory team secured the five-year loan through a regional bank.

Located at 193 Western Ave., just south of Portland International Jetport, Extra Space South Portland was completed in 2022 and has maintained high occupancy for 12 consecutive months. The 90,000-square-foot property features climate-controlled units with 24/7 access and serves a trade area of more than 125,000 households within a 30-minute drive. JLL noted that average household incomes exceed $1330,000 in the surrounding area, adding to the favorable conditions for the stabilized asset in one New England’s strongest self-storage markets.