Invesco Real Estate Lends $116M on National Self-Storage Portfolio


Invesco Real Estate has provided a $116 million loan to ASB Real Estate Investments (ASB) and The William Warren Group (WWG) on a portfolio of 10 self-storage properties spread across five states. 

The debt was structured as a three-year, floating-rate loan, according to information from Washington, D.C.-based ABS, which executed the loan on behalf of its $7.3 billion Allegiance Real Estate Fund. The deal closed on April 8th.

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“This loan is representative of the Invesco debt platform’s focus on high-quality real estate and best-in-class institutional sponsorship,” Justin Chausse, senior director at Invesco Real Estate, said in prepared remarks. “ASB and William Warren Group are market leaders in the growing self-storage sector and we are glad to add this loan to our growing alternative asset class portfolio.”

In 2018, the firms acquired the portfolio, which has properties in Phoenix, Denver, San Diego, Los Angeles, Jersey City, and Long Island, N.Y. The portfolio includes 9,821 units and 785,000 square feet of space, and is 90 percent occupied. 

Invesco’s Chausse and Talonvest Capital’s Eric Snyder, Kim Bishop, Jim Davies, Tom Sherlock, Lauren Maehler and Mason Brusseau negotiated the financing.

Update: This story has been updated to indicate that the deal closed on April 8th and that Chausse negotiated the financing on behalf of Invesco.