HFF announced that it has secured $70 million (or $55 per rentable-square-foot) in financing for a 19-property self storage portfolio totaling 1.26 million rentable square feet in various locations in Illinois, Ohio, Florida, Nevada, Rhode Island and New York.
HFF worked on behalf of Harrison Street Real Estate Capital to arrange the two-year, non-recourse, floating-rate loan through a national bank. The 11,238-unit portfolio includes assets in Illinois, Ohio, Florida, Nevada, Rhode Island and New York. The assets are 83 percent leased and are managed by two of the industry’s most respected operators, Morningstar and CubeSmart.
The HFF team representing the borrower was led by managing directors Stephen Skok and Timothy Joyce. Harrison Street Real Estate Capital was founded in 2005 and has approximately $5.5 billion in assets under management.
The firm currently owns approximately $4.6 billion in real estate assets including more than 28,000 student housing beds, more than 7,500 senior housing/assisted living units, more than 1.8 million square feet of medical office space, more than 72,000 self-storage units, and more than 4,100 dry and wet boat storage slips.