Nuveen Real Estate Provides $115M Refi on NY, NJ Self-Storage Portfolio

Storage Post, a self-storage owner and operator, has secured $115 million to refinance a portfolio of nine self-storage facilities in New York and New Jersey, Commercial Observer has learned. 

Nuveen Real Estate provided the first mortgage loan, while the JLL Capital Markets team of Steven Klein and Robert Tonnessen arranged the financing. 

In a statement, JLL’s Klein praised Storage Post’s “long history and track record” in operating self-storage assets in the tri-state area, noting that the firm’s past performance has always prioritized optimization and growth. 

“It was a pleasure to work with Nuveen, further enhancing the potential for success in this venture,” he added. 

Storage Post purchased the portfolio in 2022, and today it holds 9,578 units. Since the acquisition, Storage Post has expanded the portfolio from a total of 633,364 rentable square feet to 723,664 rentable square feet. 

The New York assets are in the Bronx; Floral Park, Garden City and Huntington Station in Long Island; and Yorktown Heights in Westchester. The New Jersey assets are in the cities of Haledon, Elizabeth, Linden and Perth Amboy, according to JLL.

Storage Post did not respond to requests for comment.

Brian Pascus can be reached at bpascus@commercialobserver.com