Newmark secures Refi for its SpareBox storage portfolio
The debt team organized $462.5 million National portfolio loan
NEW YORK, September 22, 2022 /PRNewswire/ — On behalf of SpareBox Storage and Davidson Kempner Capital Management, Newmark hosted the $462.5 million refinance loan of a national self-storage portfolio of 101 assets and 6.9 million square feet. The portfolio spans eight states in strong submarkets and is well leased.
Newmark’s debt refinancing team was led by Dustin Stolly and Jordan RoschlaubVice Presidents and Co-Heads of the Newmark Debt and Structured Finance Team, Senior Managing Director Nick Scribaniin partnership with the vice-president Aaron Swerdlin and Senior Managing Director Taucha Hogue, from Newmark’s Self-Storage Group. Bank of America provided the refinance loan.
“The success of this transaction relies on the strength of sponsorship between SpareBox’s operating platform and the capital commitment provided by Davidson Kempner Capital Management,” said Newmark. Dustin Stolly.
Jordan Roschlaub added: “The strength of the platform is evidenced by the operating partner’s deep market knowledge and ability to manage their distributed portfolio remotely. Local market knowledge feeds the acquisition pipeline, and the use of sophisticated proprietary software creates an efficient operating environment.”
SpareBox, headquartered in Denver, CO, is the leading self-storage owner and manager, leveraging a state-of-the-art, data-driven platform that acquires and operates self-storage assets with a high level of efficiency. As a top 10 owner and operator of self-storage assets, SpareBox manages approximately 6.9 million leasable square feet (including parking) across eight states, 101 properties, and 37,362 units.
Davidson Kempner Capital Management is a global investment management firm with over 39 years of experience and a focus on fundamental investing with a multi-strategy approach. The firm has approximately $38 billion of assets under management and more than 450 employees in six global offices.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly powering every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue chip enterprises. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark delivers superior service to clients across all industries. Newmark has generated revenue from nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.
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