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New York & Tri-State  + Outer  + Finance  |  June 17, 2024
Emily Fu
By: Emily Fu

NYC Self-Storage Portfolio Lands $100M Loan from PGIM 

A joint venture between The Carlyle Group and Sabharwal Properties has secured a $100 million debt package to refinance four New York City self-storage assets. PGIM Real Estate provided the loan for the developer’s portfolio, which includes CubeSmart Self Storage sites at 92 Caton Place and 266 Wild Avenue in Brooklyn, and two StorQuest Self Storage sites at 55 King Street and 507 Osborn Street in Brooklyn.  

Walker & Dunlop arranged the transaction with a team led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Ari Hirt, Bill Herring and Stanley Cayre. The loan retired previous construction debt of $75.8 million from Bank OZK and Santander.  

These properties were completed in 2020 and 2021. The Carlyle Group has been expanding its self-storage presence, acquiring four properties in Queens and Brooklyn in April as part of a $110.4 million deal with Safe N Lock Self Storage. 

Read More News Stories About: PGIM
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Inside The Story

Keith Kurland

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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