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Merit Hill, Centerbridge Secure $170M Refi on Storage Portfolio
Newmark arranged the $170-million financing of a 33-asset, 1.8 million-square-foot national self-storage portfolio on behalf of Centerbridge Partners and Brooklyn-based Merit Hill Capital. The portfolio is well-leased and located in strong primary markets and submarkets across 16 states. The properties are third-party managed by CubeSmart and Extra Space.
The Newmark was led by Jordan Roeschlaub and Dustin Stolly, co-heads of the Newmark debt, equity and structured finance team, senior managing director Nick Scribani, vice chairman Aaron Swerdlin and senior managing director Taucha Hogue. Bank of America provided the loan.
“Driving the success of this transaction is the strength of the sponsorship between Merit Hill’s operating platform and the equity commitment provided by Centerbridge Capital Partners,” said Roeschlaub.
Stolly added, “Merit Hill Capital’s ability to source deals locally and bring them to institutional standards speaks to their deep knowledge of local markets and ability to continue expanding the platform.”
- ◦Financing
