Rosewood Property Company closed on a $125 million fixed-rate refinance for a 19-property self-storage portfolio that includes assets across the Midwest, Northeast and the Mid-Atlantic regions.
PGIM Real Estate, the real estate investment and financing arm of Prudential Financial, provided the financing through its core lending strategy.
Newmark Co-Presidents of Global Debt & Structured Finance Jonathan Firestone and Jordan Roeschlaub, Vice Chairmen Nick Scribani and Clint Frease and Director John Caraviello secured the financing in collaboration with Vice Chairman of Self-Storage Capital Markets Aaron Swerdlin and Executive Managing Director of Strategic Advisory and Liquidity Solutions Andrew Warin.
The multi-state portfolio encompasses 13 properties in Pennsylvania, three properties in Maryland, and one property each in New Jersey, Indiana and Kentucky. Collectively, the portfolio includes more than 9,970 units, across 1.2 million rentable square feet and has demonstrated a strong NOI growth, with an average occupancy of 91% over the past 10 years.
Rosewood Property Company currently owns and operates 84 self-storage facilities totaling around 6 million rentable square feet. The company continues to focus on growing its self-storage portfolio through both acquisitions and new developments.
