Wells Fargo Leads $180M CMBS Loan for Self-Storage Portfolio Refi
By Andrew Coen November 11, 2024 12:29 pm
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Self-storage operator Mini Mall Storage has secured $180 million of commercial mortgage-backed securities (CMBS) debt to refinance a national self-storage portfolio, Commercial Observer has learned.
Wells Fargo (WFC) led the transaction for the loan with Citigroup (C) and J.P. Morgan Chase also participating. The portfolio includes 61 properties encompassing 2.5 million square feet of self-storage space in West Virginia, Ohio, Texas, Indiana, North Carolina, Arkansas and Alabama.
Meridian Capital Group arranged the transaction with a team led by Naphtali Marrus and Ben Nevid.
“Navigating the challenges of financing a geographically diverse portfolio required a thoughtful and strategic approach,” Marrus said in a statement. “By staying focused on the sponsor’s objectives and maintaining close coordination with the lenders, we were able to secure favorable terms and close this deal efficiently.”
Nevid said in a statement that the loan was aimed at supporting the sponsor’s “growth” and “maximizing flexibility.”
Officials at Wells Fargo and Mini Mall Storage did not immediately return requests for comment. J.P Morgan and Citi declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
