HIG Realty in $110M Refinance of Storage of America Portfolio
New York-based private equity firm H.I.G. Capital, a global alternative investment firm with $48 billion of equity capital under management, said its affiliate, H.I.G. Realty Partners, has originated a $110-million loan to refinance the Storage of America portfolio, a 12,000-unit self-storage portfolio located in five states across the Midwest.
The loan was made to self storage developer and operator Storage of America. The majority of the portfolio opened over the last few years and has experienced strong leasing momentum, reaching near-stabilized occupancies due to the quality of product and outstanding locations, HIG said.
“We are excited about this unique opportunity to finance an asset class with such strong fundamentals,” said Michael Mestel, managing director at H.I.G. Realty Partners. He added, “We are looking forward to seeing the sponsor continue to expand and create value within the portfolio.”
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