NEW YORK, August 16, 2022--(BUSINESS WIRE)--Slate Asset Management ("Slate"), a global alternative investment platform focused on real estate and infrastructure, announced today that Slate Real Estate Capital, the private credit business of Slate, has provided a $147.0 million senior loan facility to Prime Group for the refinancing of three Class A self storage assets (the "Assets") located in New York City.
Prime Group, headquartered in Saratoga Springs, New York, is the largest privately-owned self storage owner-operator in the country. Prime Group’s portfolio includes more than 170 self storage facilities that comprise over 12.5 million rentable square feet across the nation. The Assets in New York City were built in 2017 and have demonstrated consistent year-over-year occupancy and rental revenue growth since delivery.
Self storage has proven to be a resilient asset class with strong fundamentals. The sector has benefitted from tailwinds associated with the growing popularity of remote work. Further, the New York City self-storage market is vastly undersupplied, with the city’s self storage square feet per capita ranking lowest among top markets in the US.
Drew Anderman and Ben Nevid of Meridian Capital Group represented the borrower for the transaction.
Slate is an active lender through its real estate credit platform, Slate Real Estate Capital, which provides transitional capital and flexible liquidity to strong sponsors and assets across the commercial real estate industry. Most recently, Slate Real Estate Capital provided a $61.25 million senior loan facility to a New York-based property owner, operator, and developer for the acquisition and renovation of three multifamily properties located in the Chelsea neighborhood of Manhattan, New York.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform focused on real estate and infrastructure. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform spans a range of investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
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Slate Asset Management