Prime Group Holdings LLC, a New York-based real estate group that operates the Prime Storage brand, is set to secure a $505 million commercial mortgage loan to refinance 32 facilities in its self-storage portfolio and two mixed-use properties. Prime will also receive a $70 million mezzanine loan in the same transaction, which is scheduled to close on Oct. 17, according to a source.
The loan will retire $482 million in existing debt, cover $14 million in closing costs and return $78.4 million in equity to Prime Group. Citi Real Estate Funding Inc. and Goldman Sachs Bank USA will issue the five-year, fixed-rate note. The impacted assets are in 14 states and one U.S. territory, including two in Florida, five in Massachusetts and seven in North Carolina, the source reported.
Last month, Prime secured a $156 million refinancing loan for a three-property self-storage portfolio in New York City.
Headquartered in Saratoga Springs, New York, Prime Group operates 330 facilities in 29 states, three Canadian provinces and one U.S. territory.
Related:Self-Storage Industry Mourns Passing of Denee Burns, Chief of Staff for Bluebird/Sunbird Self Storage
Source: Multi-Housing News, Prime Group to Receive $505M Refi for Self Storage Portfolio
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