$63M Loan for 961,000-SF Self-Storage Portfolio

NEW YORK CITY-A 961,000-sf self-storage portfolio has secured a $63-million loan, proceeds of which are being used to refinance existing construction debt. The properties are located on Long Island and New Jersey.

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.