Self-storage REIT closes $160M loan for Fort Lauderdale property
A self-storage real estate investment trust has secured a $160 million mortgage for a property the company just acquired in Fort Lauderdale.
New York Life Insurance Co. provided the loan to iStorage PO LLC, an affiliate of National Storage Affiliates Trust. NSAT closed on its acquisition of the Winter Garden-based iStorage on Tuesday, according to Inside Self-Storage.
NSAT, based in Greenwood, Colorado, formed a joint venture with a pension fund to buy iStorage’s portfolio for $630 million, which includes 66 properties with 4.5 million square feet of rentable space in 12 states. The REIT also announced last month that it would acquire iStorage’s property management platform, which includes an insurance company and the iStorage brand.
Records show iStorage transferred ownership of the 2.7-acre Fort Lauderdale property to NSAT for nearly $8 million this week. The 67,119-square-foot facility is located at 540 Southwest 27th Avenue.
The mortgage matures in October 2026.
Once National Storage Affiliates Trust closes on the entire iStorage portfolio, it will own 25 million square feet of self-storage space in 415 facilities in 23 states, according to a press release. The REIT could not be reached for comment.
In June, Self Storage Trust II paid more than $180 million for a portfolio of self storage properties, most of which are located in Florida. The REIT acquired 10 properties in Florida.
Source: The Real Deal