PGIM Refis NYC Self-Storage Portfolio With $100M Loan

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A joint venture between The Carlyle Group and Sabharwal Properties has secured a $100 million debt package to refinance four New York City self-storage assets, Commercial Observer has learned

PGIM Real Estate provided the loan on the developer’s Big Apple self-storage portfolio, which encompasses 5,174 units across 443,000 square feet. 

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The four properties are CubeSmart Self Storage sites at 92 Caton Place in Brooklyn and 266 Wild Avenue in Staten Island, and two StorQuest Self Storage sites in Brooklyn at 55 King Street and 507 Osborn Street

Walker & Dunlop arranged the transaction with a team led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Ari Hirt, Bill Herring and Stanley Cayre

The loans retired previous construction debt of $75.8 million for the portfolio from Bank OZK and Santander. The properties were all completed in 2020 and 2021.

The Carlyle Group has been expanding into the self-storage sector of late, adding four properties in Queens and Brooklyn in April as part of a $110.4 million acquisition with Safe N Lock Self Storage, CO previously reported.

Officials at PGIM, The Carlyle Group and Sabharwal Properties did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com