First Citizens Bank’s middle market banking business provided $157 million in financing to Morningstar Properties, an investor in and operator of self-storage facilities, marinas and other specialty real estate assets. This financing builds on a multi-year relationship between First Citizens and Morningstar Properties.
The facility will be used to refinance Blue Doors Storage Fund IV, a vehicle sponsored by Morningstar Properties’ private-equity real estate affiliate, Blue Doors Capital Management, that invests in the acquisition and development of self-storage properties in major metropolitan markets and strategic secondary markets across the U.S.
“The First Citizens’ middle market banking team has been a trusted financial partner and advisor as we’ve grown our Blue Doors platform,” Wesley Carter, CFO of Morningstar Properties, said. “Their continued support provides us with the flexibility to invest in high-quality self-storage assets and capitalize on attractive opportunities as we expand our portfolio.”
Eric Searls, First Citizens’ managing director, middle market banking, added, “Morningstar Properties has built one of the most respected platforms in the self-storage industry, and we’re proud to support their long-term growth strategy. This latest transaction reflects our long-standing commitment to providing flexible capital solutions to specialty real estate operators like Morningstar.”
