SpareBox Storage, Davidson Kempner Secure $463M Refi
$462.5M refinancing loan supports a 101-asset, 6.9 million square foot national self-storage portfolio
SpareBox Storage and Davidson Kempner Capital Management secured a $462.5 million refinancing loan of a 101-asset, 6.9 million square foot national self-storage portfolio. The portfolio spans eight states in strong submarkets and is well-leased.
Newmark arranged for the debt refinancing, led by Dustin Stolly and Jordan Roeschlaub, Vice-Chairmen and Co-Heads of the Newmark Debt and Structured Finance Team, Senior Managing Director Nick Scribani, in partnership with Vice Chairman Aaron Swerdlin and Senior Managing Director Taucha Hogue, of Newmark’s Self-Storage group. Bank of America provided the refinancing loan.
“The platform’s strength is highlighted by the operating partner’s deep market knowledge and ability to manage their distributed portfolio remotely,” said Roeschlaub. “Local market knowledge fuels the acquisition pipeline, and the use of sophisticated proprietary software creates an efficient operating environment”.