ULLICO Refis Alan Mruvka NJ Self-Storage Portfolio With $61M Loan
By Andrew Coen December 23, 2022 11:34 am
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Alan Mruvka’s StorageBlue has sealed a $61 million debt package to refinance a five-asset New Jersey self storage portfolio, Commercial Observer has learned.
Union Labor Life Insurance Company (Ullico) provided the floating-rate loan, which closed late Thursday afternoon, for five StorageBlue properties located in Jersey City, Hoboken, Union City, Newark and Garfield, N.J.
Cooper Horowitz’s Richard Horowitz and Justin Horowitz arranged the transaction for StorageBlue. Herb Kolben and Kevin Smith led the deal for ULLICO.
“We’re pleased to have the opportunity to represent StorageBlue once again in this terrific financing on a portfolio of quality assets, and delighted to work with Ullico on another StorageBlue transaction,” Richard Horowitz said.
StorageBlue previously landed a $55 million first mortgage loan from Natixis Real Estate Capital for the portfolio in January 2021.
And it’s not ULLICO’s first time financing StorageBlue. The lender also supplied $69 million of first-mortgage financing for Mruvka to acquire three additional self-storage properties in New Jersey and Staten Island last May from American Self Storage, and Cooper Horowitz arranged the financing for that transaction, too.
“Self storage continues to exhibit strong fundamentals,” Kolben told CO. “This is ULLICO’s second transaction with Alan Mruvka, who has extensive experience in this sector and has proven to be an excellent owner and manager.”
Mruvka, who founded StorageBlue in 2014, is also the architect of E! Entertainment Television, co-founding the network when it was Movietime Channel in the mid-1980s with Larry Namer.
Officials at StorageBlue did not return a request for comment.
Cathy Cunningham contributed reporting to this article. Andrew Coen can be reached at acoen@commercialobserver.com.
