Locally based Ackman-Ziff Real Estate Group arranged the interim financing on behalf of Walton EC master Storage II LLC, an entity comprised of Chicago-based Walton Street Real Estate Fund, and East Coast Storage Investors. Ackman-Ziff secured the highly structured loan from a credit company.
The assets, all Self Storage Plus facilities constructed between 1999 and 2001, were in various stages of occupancy at closing, ranging from less than 50% to 90% with an average of roughly 65%. The properties are all situated on major intersections or highways with high visibility. New York locations include Islandia and Valley Stream. In New Jersey, assets are located in North Bergen, Fort Lee, Clifton, River Edge, Old Bridge and Hasbrouck Heights.
The properties range in size from 86,000 sf to 140,000 sf. Green roll-up doors and common color schemes of forest green, beige and white identify the sites as part of Self Storage Plus. All have climate-control capability.
Walton Street, formed in 1995 by former senior executives of JMB Realty Corp., directs the investment and management of three equity funds with equity commitments in excess of $1 billion. ECS has developed 961,000 sf of storage space in the Northeast and has another 250,000 sf under construction.
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