Carlyle Group & Sabharwal Properties Secure $100M PGIM Loan for NYC Self-Storage Assets

A partnership between The Carlyle Group and Sabharwal Properties has successfully obtained a $100 million debt package to refinance four self-storage properties in New York City. This significant financial arrangement was facilitated by PGIM Real Estate.

Properties Included in the Refinance

The refinancing covers four key self-storage sites: CubeSmart Self Storage at 92 Caton Place, Brooklyn; CubeSmart Self Storage at 266 Wild Avenue, Brooklyn; StorQuest Self Storage at 55 King Street, Brooklyn; and StorQuest Self Storage at 507 Osborn Street, Brooklyn.

Transaction Arrangement and Previous Debt

The transaction was orchestrated 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 the previous construction debt of $75.8 million, which was initially provided by Bank OZK and Santander.

Property Completion and Carlyle Group’s Expansion

These self-storage properties were completed in 2020 and 2021. The Carlyle Group has been actively expanding its footprint in the self-storage sector, acquiring four additional properties in Queens and Brooklyn in April for $110.4 million from Safe N Lock Self Storage.