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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
- ◦Financing

