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Friday, 20 September 2019

Colony Credit Lends $116Mln Against 4 New York Self-Storage Facilities

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Colony Credit Real Estate Inc. has provided $116 million of financing to facilitate the purchase of four self-storage facilities with 5,240 units in the state of New York.

As reported, Clutter Inc. bought the properties for $152 million, or $29,008/unit, from Storage Fox of New York. The properties are at 3046 Northern Blvd. in Queens, N.Y.; 1 Holland Ave. in White Plains, N.Y.; 5601 Foster Ave. in Brooklyn, N.Y.; and 280 Fullerton Ave. in Yonkers, N.Y.

Colony Credit is the former Colony NorthStar Credit Real Estate Inc., which was formed last year through the merger of two former NorthStar-branded non-traded REITs.

This is the first real estate acquisition for Clutter, a Culver City, Calif., technology company that until now has leased self-storage space in more than 1,000 cities across the United States. Clutter picks up items from people's homes, stores them in facilities and returns them if homeowners prefer. The company has raised $300 million of venture capital from investors that include SoftBank of Japan.

"We spent the last few years building out our own warehouse network and creating infrastructure for urban areas," Clutter chief executive Ari Mir said. "Now, we're focused on owning real estate in key markets to offer the most comprehensive suite of storage products and services."

Comments? E-mail Tim Casey or call him at (267) 397-3347.



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Additional Info

  • Syndicate to Realpoint: No
  • States: New York
  • Sector: Self-Storage
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $100 million and $150 million
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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