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Prime Storage portfolio

Meridian Lines Up $380M Financing on Nationwide Storage Portfolio

Meridian Capital Group arranged $380 million in financing for a 22-asset self-storage portfolio located across the country on behalf of Prime Holdings Group. 

The floating rate CMBS loan was negotiated by senior managing director Drew Anderman, director Benjamin Nevid and associate Eddie Haber, all of Meridian’s New York City headquarters. 

Totaling 1.2 million square feet and 11,700 units, the portfolio has over a 90% physical occupancy, and Prime has focused on increasing cashflow at each property to bring rents in line with the market. Sartoga Springs, NY-based Prime believes that now that the occupancy has stabilized, the NOI will continue to increase over the next few years. 

“Meridian was able to capitalize on both Prime’s strong reputation as a best-in-class operator as well as strong lender interest in the self-storage sector to tailor flexible financing that is accretive to the borrower and their business plans for these assets,” said Anderman. 

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Meridian Capital Group

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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