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BOSTON-A $90 million first mortgage loan was secured for the refinancing of the Storage Spot self-storage portfolio. The financing was arranged by Tremont Realty Capital on behalf of locally-based AEW Partners III, LP and its partners in Storage World, which owns and manages the 26 Storage Spot facilities located throughout Virginia, South Carolina, Georgia, Florida, Louisiana and Texas.

AEW Partners III is an investment partnership managed by AEW Capital Management, LP on behalf of institutional investors. Tremont’s Boston office funded the loan through one of its national capital relationships.

The three-year, floating rate bridge loan provided for roughly a 70% loan to value. Richard Gallitto, executive director at Tremont’s local office, notes that his office “delivered a facility of this size with competitive terms that provide a level of flexibility that does not restrict our client from executing its optimal hold/sell strategy, even in the short term.”

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