ACORE Capital Provides $140M For Eight-Property Self-Storage Portfolio

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.