3650 Capital Provides $42M Refi for U.S. Self-Storage Portfolio
Inland Real Estate Group has secured the debt, while Devon Self Storage will operate the assets
By Brian Pascus June 16, 2026 4:10 pm
reprints
An affiliate of Inland Real Estate Group has secured a $42 million senior loan to refinance a U.S. portfolio of nearly 4,000 self-storage units spanning more than 400,000 square feet that are currently operated by Devon Self Storage, according to a release.
3650 Capital provided the debt, structured as a nonrecourse, fixed-rate loan with a 48-month term, that is expected to finance the property through stabilization. George Smith Partners’ Nate Weyer arranged the transaction.
Jonathan Roth, co-founder and managing partner at 3650 Capital, described Inland Real Estate Group in a statement as “a highly respected and experienced sponsor,” and said that his firm believes the self-storage sector shows “compelling long-term fundamentals.”
“We see long-term tailwinds for the self-storage asset class and expect properties in submarkets with low square footage per capita to see compelling demand dynamics,” Roth added.
The self-storage portfolio assets are in Wisconsin, Texas, Pennsylvania and Michigan in buildings that were once office, retail and industrial properties, and today are climate-controlled. The assets are presently in the lease-up phase and are being overseen by Devon Self Storage, a firm that handles operations at more than 200 facilities and 109,000 units in 32 states.
“With Devon Self Storage’s operating platform and expertise, we believe these assets are well positioned to deliver long-term value,” Joseph Binder, chief investment officer of Inland.
Brian Pascus can be reached at bpascus@commercialobserver.com.
