A $100 million debt package has been secured by a joint venture between The Carlyle Group and Sabharwal Properties to refinance four self-storage assets in New York City. PGIM Real Estate provided the loan for the developer’s portfolio, which includes CubeSmart Self Storage sites at 92 Caton Place and 266 Wild Avenue in Brooklyn, as well as two StorQuest Self Storage sites at 55 King Street and 507 Osborn Street in Brooklyn.
The transaction was arranged by Walker & Dunlop with a team led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Ari Hirt, Bill Herring and Stanley Cayre. This new loan replaces previous construction debt of $75.8 million from Bank OZK and Santander.
These properties were completed between 2020-2021. The Carlyle Group has been actively expanding its presence in the self-storage market through recent acquisitions such as four properties in Queens and Brooklyn acquired from Safe N Lock Self Storage for $110.4 million.
This latest development marks another significant investment for The Carlyle Group’s growing portfolio of self-storage assets within New York City.
