National + Finance | September 23, 2022

This SpareBox Storage facility is one of 108 self-storage properties to receive a $462.5-million refinance

BofA Provides $463M Refi on National Self-Storage Portfolio

Newmark arranged a $462.5-million refinancing loan via Bank of America for a 101-asset, 6.9 million square foot national self-storage portfolio on behalf of SpareBox Storage and Davidson Kempner Capital Management. The portfolio spans eight states in strong submarkets .

The Newmark team for the debt refinancing was led by Dustin Stolly and Jordan Roeschlaub, co-heads of the Newmark Debt and Structured Finance Team, and senior managing director Nick Scribani, in partnership with Aaron Swerdlin and Taucha Hogue of Newmark’s Self-Storage group.

“Driving the success of this transaction is the strength of the sponsorship between SpareBox’s operating platform and the equity commitment provided by Davidson Kempner Capital Management,” said Stolly.

Roeschlaub added, “The platform’s strength is highlighted by the operating partner’s deep market knowledge and ability to manage their distributed portfolio remotely. Local market knowledge fuels the acquisition pipeline, and the use of sophisticated proprietary software creates an efficient operating environment.”

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Newmark's StollyNewmark's Roeschlaub

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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