Natixis Closes $55M Floating-Rate Financing on NJ Storage Portfolio
By Cathy Cunningham January 29, 2021 3:09 pm
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Alan Mruvka’s Storage Blue has landed a $55 million first mortgage for five New Jersey self-storage assets.
Natixis Real Estate Capital provided the floating-rate loan, which funded yesterday.
Cooper Horowitz’s Richard Horowitz and Justin Horowitz negotiated the financing on behalf of the borrower, while Natixis’ Michael Magner led the deal on behalf of the bank.
The five assets are located in Jersey City, Hoboken, Union City, Newark and Garfield, N.J., and offer 24/7 surveillance as well as high-tech entry systems.
The self-storage sector has fared well through the COVID-19 pandemic, as an asset class that has long relied on what some insiders describe as the four D’s: death, disaster, displacement and divorce.
In addition to his Storage Blue company, Mruvka is the business magnate behind the creation of E! Entertainment Television — today valued at a whopping $12 billion — and also The Alan Mruvka Company, a real estate development and construction company focused on destination projects and creative urban redevelopment in New York, New Jersey, California and Nevada.
In a recent interview with Forbes, Mruvka talked about his multiple ventures and ability to pivot when business opportunities arise. “I’ve always pursued new ventures. When I came up with the idea for E! Entertainment, I was developing brownstone apartments in New Jersey,” Mruvka told Forbes. “I had just signed a contract to develop a 50,000-square-foot apartment complex, but when I got the funding to start E!, I dropped everything.”
The deal marks Cooper Horowitz’s second financing this week. On Monday, the firm closed a $32.5 million loan it arranged for the construction of a student housing project in Buffalo, N.Y. ACRES Capital provided the debt.
Officials at Natixis and Cooper Horowitz declined to comment.
