Nuveen Provides $115 Million Refinance for New Jersey, New York Self-Storage Portfolio

courtesy: JLL

Nuveen Real Estate has secured a $115 million loan to refinance a portfolio of nine self-storage facilities across the New Jersey and New York tristate area. JLL, the brokers behind the deal, announced the financing on Friday.

The portfolio, now encompassing 9,578 units, includes properties in Haledon, Elizabeth, Linden, and Perth Amboy in New Jersey, as well as locations in the Bronx, Floral Park, Garden City, Huntington Station, and Yorktown Heights in New York. The facilities, originally acquired by Storage Post in 2022, have expanded from 633,364 square feet to 723,664 rentable square feet.

JLL’s Senior Managing Director, Steven Klein, and Director, Robert Tonnessen, of the Capital Markets Group arranged the financing for the deal.

Klein highlighted Storage Post's strong market presence, stating, "With Storage Post’s proven history in the New York metro area, they are well-positioned to leverage market dynamics and optimize performance in this competitive sector."

The loan, provided by Nuveen, will help Storage Post continue to grow its self-storage portfolio in one of the most competitive markets in the U.S.