Värde Partners Provides $185M Loan for Metro Self Storage & Fremont Realty’s 20-Property Portfolio

A partnership between Metro Self Storage and Fremont Realty Capital has obtained a substantial $185 million loan to refinance a portfolio of 20 self-storage properties.

Loan Details and Arrangement

Värde Partners provided the floating-rate bridge loan for these self-storage facilities, which include 14,215 units spread across six states. The initial loan term is three years, with options for two one-year extensions. Talonvest Capital facilitated the transaction, with a team led by Eric Snyder, Tom Sherlock, Kim Bishop, Mason Brusseau, and Lauren Maehler.

Portfolio Overview

The portfolio comprises properties in Illinois, New Jersey, Pennsylvania, Minnesota, New York, and Wisconsin, totaling over 1.55 million square feet of net rentable space.

Statements from Värde Partners

Jon Miller, managing director at Värde Partners, expressed enthusiasm about partnering with experienced companies in the self-storage industry, highlighting the strength and growth of their lending platform. Värde Partners has originated more than $7 billion in commercial real estate loans since 2017 and has been particularly active in the self-storage sector.

Previous Activities and Market Impact

Värde Partners has a history of significant transactions in the self-storage industry, including a $44.8 million refinance for three assets owned by Miami City Self Storage in South Florida just before the COVID-19 pandemic.

Metro Storage and Fremont Realty Capital

Metro Storage and Fremont Realty Capital have not yet commented on the loan arrangement.