Slate Asset Management, a global alternative investment platform focused on real estate and infrastructure, and Slate Real Estate Capital, the private credit business of Slate, provided a $147 million senior loan facility to Prime Group for the refinancing of three Class A self-storage assets located in New York City.
Prime Group, headquartered in Saratoga Springs, NY, 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 more than 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.