CIT Group’s Real Estate Finance unit served as lead arranger on $87 million in financing for a portfolio of Storage Rentals of America-branded self-storage facilities.
The financing will be used by a fund managed by SROA Capital to recapitalize and refinance debt on a portfolio of 35 self-storage properties encompassing more than 14,000 storage units in three states: Ohio, Kentucky and Florida.
“Our portfolio of self-storage properties is geographically diverse and located in attractive markets,” said Benjamin S. Macfarland III, CEO of SROA Capital. “We appreciated CIT’s agility and expertise in developing a financing package that enables us to consolidate and refinance our debt on this property portfolio which puts us in a strong position to begin capital raise for SROA Capital Fund VIII, LP.”
