StorageMart Refis Nationwide Portfolio With $1.3B From Citigroup


Self-storage firm StorageMart has refinanced its nationwide portfolio with $1.3 billion from Citigroup, reupping its existing debt from the same lender, according to property records filed in Broward County, Fla.

The Missouri-based StorageMart previously secured $644.1 million from Citi Real Estate Funding in December 2018 for its portfolio, which was collateralized with an additional $170 million in mezzanine debt, also from Citi, in a CMBS-backed deal due to mature in January 2024. As of May, $633.1 million of the senior mortgage remained outstanding, according to CRED iQ

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The portfolio is now valued at $1.9 billion and spans 19 states but is heavily concentrated in the Midwest, with 30 locations in Missouri, 20 in Iowa, and 14 in both Kansas and Nebraska, according to the Broward County mortgage document. In all, the portfolio includes roughly 130 self-storage locations, up from 101 in 2018. 

In terms of value, the Florida properties make up roughly 10 percent of StorageMart’s portfolio, with seven properties worth $184.3 million encumbered by $123.8 million under the amended agreement. 

The Florida properties include buildings in Miami, Flagami, Kendall, Dania Beach, Pompano Beach, Miramar, Key West and one in Brickell City Centre at 640 SW Second Avenue, according to public records.

StorageMart also has three locations in the Washington, D.C., suburbs and three in New York City, including 50 Wallabout Street and 980 Fourth Avenue in Brooklyn and one in Queens.

The portfolio does not appear to include the Manhattan Mini Storage portfolio StorageMart acquired in 2021, which included 18 locations throughout Manhattan and brought StorageMart’s total portfolio to more than 20 million rentable square feet. Citigroup served as the financial adviser in the acquisition, which cost over $3 billion. 

StorageMart did not immediately respond to a request for comment.

Chava Gourarie can be reached at