JLL has arranged a refinancing for a recently delivered self-storage facility in South Portland, ME, underscoring lender appetite for stabilized storage assets in the region. Working on behalf of borrower The Ardent Companies, a JLL Capital Markets Debt Advisory team secured a five-year loan from a regional bank for the property, which is managed by Extra Space Storage Inc.
The facility, known as Extra Space South Portland, is located at 193 Western Ave., just south of Portland International Jetport. The property was completed in 2022 and has since built a performance track record that helped support the refinancing effort. According to details shared in connection with the transaction, the asset has maintained high occupancy for 12 consecutive months, signaling consistent demand for self-storage in the local market.
The building totals 90,000 square feet and is configured with climate-controlled units offering 24/7 access. The facility serves a broad trade area, drawing from more than 125,000 households within a 30-minute drive. JLL also highlighted strong household income levels in the surrounding area as a factor contributing to the property’s stability.
The combination of modern construction, climate-controlled space and sustained occupancy has positioned the asset as a well-leased self-storage property within one of New England’s stronger storage markets. While specific loan proceeds were not disclosed, the five-year financing from a regional bank reflects ongoing credit availability for well-performing self-storage assets backed by established sponsors. The assignment further illustrates how capital markets advisors are matching local bank lenders with stabilized, income-producing industrial and storage properties in markets with solid demographic support.
