ACORE Capital Provides $140M to Refi Self-Storage Portfolio
The Ardent Companies and StepStone Real Estate oversee a 7,650-unit portfolio in eight buildings across seven Northeast states
By Brian Pascus July 21, 2026 1:48 pm
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A joint venture between the Ardent Companies and StepStone Real Estate has secured a $140 million loan to refinance a portfolio of eight, Class A self-storage properties in seven northeastern U.S. states, according to a release.
Acore Capital provided the debt, structured as a floating-rate loan, while a JLL Capital Markets team of Brian Somoza, Steven Klein, John Bauman, Campbell Swango and Shishir Reddy arranged the transaction.
JLL’s Klein noted in a statement that the institutional investment from ACORE Capital was attracted to the deal due to the supply-constraints of new self-storage across the northeastern U.S. and the experienced sponsorship in that asset class.
“The combination of the Ardent Companies’ development expertise and these best-in-class facilities created a compelling value proposition that resonated strongly with lenders seeking quality exposure to the sector,” said Klein.
Managed by third-party operator Extra Space Storage, the eight self-storage properties will feature 7,650 units and total 742,855 square feet of space. Each of the properties is climate-controlled and recently built, according to JLL.
Thomas Olson, partner and head of self-storage strategy for the Ardent Companies, called the deal “an important milestone in the continued execution of our self-storage strategy” in a statement, and highlighted his firm’s commitment to the portfolio with StepStone Real Estate.
“We remain focused on optimizing operations and creating long-term value through disciplined asset management and strategic growth,” he said.
Brian Pascus can be reached at bpascus@commercialobserver.com.
