First Citizens Bank’s middle-market banking business provided up to $50 million as a senior secured line of credit to an affiliate of Morningstar Properties, an investor in and operator of self-storage facilities. The affiliate will use the financing for growth opportunities and general working capital purposes.
The line of credit is structured as a $35 million revolving line of credit with a $15 million accordion feature expanding the total available financing up to $50 million.
“The fundamentals supporting self-storage facilities remain exceptionally strong, as consumers and businesses continue to demand secure and affordable spaces for safeguarding their possessions,” Wesley Carter, CFO of Morningstar Storage, said. “This financing will enable Morningstar to effectively manage its capital resources and efficiently grow its portfolio of assets. First Citizens is a critical partner for Morningstar and we appreciate their expertise in arranging this financing.”
“Morningstar Properties is well-known as a smart and experienced investor and operator of self-storage facilities,” Brendan Chambers, lead executive for middle-market banking at First Citizens Bank, said. “We were pleased to provide this financing to support their business objectives.”
