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JLL Arranges Refi of Self-Storage Portfolio

JLL Capital Markets arranged a refinancing of a four-property self-storage portfolio totaling 3,846 units on Long Island and in Westchester County, NY. The team of Griffin Guthneck, Stephen Van Leer, Steve Mellon and Brian Somoza worked on behalf of the borrower, Harrison Street, to place the three-year, floating-rate loan with PGIM Real Estate.

The interest-only loan has a three-year primary term with two one-year extension options. The bridge loan will allow the borrower to complete the final stages of the assets’ repositioning and stabilization.

Totaling 263,170 rentable square feet and 91% occupied, the portfolio consists of 1760 Front St. in Yorktown Heights; 280 Broadway in Huntington Station; 1000 Axinn Ave. in Garden City; and 50 Carnation Ave. in Floral Park.

“This was a terrific execution for Harrison Street, which helps advance their business plan by reducing the cost of debt commensurate with the portfolio’s current risk profile,” Guthneck said.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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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