Slate Refis NYC Self-Storage Portfolio with $147M Loan

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Prime Group has sealed a $147 million debt package to refinance three self-storage assets throughout New York City, Commercial Observer can first report.

Slate Real Estate Capital, the lending of Slate Asset Management, supplied the senior loan for the three Prime Storage locations in The Bronx, Brooklyn and Queens. All three facilities were built in 2017.

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Meridian Capital Group’s Drew Anderman and Ben Nevid arranged the transaction.

The portfolio includes self-storage properties at 31-07 20th Avenue in Astoria, Queens, 1260 Zerega Avenue in The Bronx and 1084 Rockaway Avenue in Brooklyn. All three facilities include climate-controlled units with drive-up access capabilities

“Self-storage has proven over time to be recession-resistant and pandemic-related disruption remains a tailwind for storage fundamentals,” Peter Tsoulogiannis, partner at Slate, said in a statement.  “We are very pleased to be providing Prime Group, an institutional sponsorship group with a decade long track record of strong performance with the flexible capital to refinance this portfolio and continue providing high-quality storage solutions to the undersupplied New York.” 

Saratoga Springs, N.Y.- based Prime Group is the largest privately-owned self storage owner-operator in the nation with a portfolio that includes more than 170 facilities comprising over 12.5 million rentable square feet.

Toronto-based Slate Asset Management is active on loans in a variety of commercial real estate sectors through its Slate Real Estate Capital platform. Last month it provided a $61.25 million senior loan for the acquisition and renovation of three multifamily properties in Manhattan’s Chelsea neighborhood owned by Slate Property Group, which is not affiliated with the lender. 

Officials at Prime Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com