Bank of America Refis 108 Self-Storage Properties With $463M Loan


A joint venture between SpareBox Storage and Davidson Kempner Capital Management has sealed a $462.5 million debt package to refinance a 108-asset national self-storage portfolio, Commercial Observer can first report.

Bank of America provided the loan for the sponsorship’s ownership of 6.9 million square feet of self-storage properties, which span eight states. 

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Newmark arranged the transaction with a team led by Dustin Stolly, Jordan Roeschlaub and Nick Scribani in partnership with Aaron Swerdlin, head of the brokerage giant’s self-storage division. 

“The strength of the platform is highlighted by the operating partner’s deep market knowledge and ability to manage their distributed portfolio remotely,” Roeschlaub said in a statement. “Local market knowledge fuels the acquisition pipeline, and the use of sophisticated proprietary software creates an efficient operating environment.”

SpareBox is a self-storage owner and manager that utilizes a data-driven platform as part of a partnership with RIZK Ventures led by Tom Rizk. The Denver-based firm manages a total of 37,362 self-storage units across its 108 properties.

“Accessing the debt markets and securing a financing of this size in this environment was no easy accomplishment and is testament to the strengths of our platform, our unique and successful operating model in one of the hottest growth categories in real estate led by one of the best management teams in the business,” Rizk said in a statement. “With a strong balance sheet and clear path forward, we look forward to achieving our goals of building a multi-billion company over the next few years.”

Davidson Kempner Capital Management is a global investment management firm with roughly $38 billion in assets under management.

“Self storage continues to be one of the strongest sectors in the commercial real estate industry,” Steve Treadwell, CEO of SpareBox Storage, said in a statement.  “Since we launched in August, 2020, we have outperformed our underwriting and our budget, expanding to 21 markets in nine states across the country and today, we are the leading national unmanned operator of self storage facilities. We are excited about our growth trajectory in 2023 and beyond as we execute on our strategy of targeting markets with strong demographic fundamentals.” 

Officials at Bank of America did not immediately return a request for comment.

Andrew Coen can be reached at