Robert Khodadadian – Commercial Observer

Alan Mruvka’s StorageBlue has sealed a $61 million debt package to refinance a five-asset New Jersey self storage portfolio, Commercial Observer has learned.

United Labor Life Insurance Company (ULLICO) provided the floating-rate loan, which closed late Thursday afternoon, for five StorageBlue properties ocated in Jersey City, Hoboken, Union City, Newark and Garfield, N.J. 

Cooper Horowitz’s Richard Horowitz and Justin Horowitz arranged the transaction for StorageBlue. Herb Kolben and Kevin Smith led the deal for ULLICO.

“We’re pleased to have the opportunity to represent StorageBlue once again in this terrific financing on a portfolio of quality assets, and delighted to work with Ullico on another StorageBlue transaction,” Richard Horowitz said. 

StorageBlue previously landed a $55 million first mortgage loan from Natixis Real Estate Capital for the portfolio in January 2021.

And it’s not ULLICO’s first time financing StorageBlue. The lender also supplied $69 million of first-mortgage financing for Mruvka to acquire three additional self-storage properties in New Jersey and Staten Island last May from American Self Storage, and Cooper Horowitz arranged the financing for that transaction, too. 

“Self storage continues to exhibit strong fundamentals,” Kolben told CO.  “This is ULLICO’s second transaction with Alan Mruvka, who has extensive experience in this sector and has proven to be an excellent owner and manager.”  

Mruvka, who founded StorageBlue in 2014, is also the architect of E! Entertainment Television, co-founding the network when it was Movietime Channel in the mid-1980s with Larry Namer

Officials at StorageBlue did not return a request for comment.

Cathy Cunningham contributed reporting to this article. Andrew Coen can be reached at acoen@commercialobserver.com

Alan Mruvka’s StorageBlue has sealed a $61 million debt package to refinance a five-asset New Jersey self storage portfolio, Commercial Observer has learned. United Labor Life Insurance Company (ULLICO) provided the floating-rate loan, which closed late Thursday afternoon, for five StorageBlue properties ocated in Jersey City, Hoboken, Union City, Newark and Garfield, N.J.  Cooper Horowitz’sRead MoreChannel, Finance, Alan Mruvka, Cooper-Horowitz, Herb Kolben, Justin Horowitz, Kevin Smith, Richard Horowitz, StorageBlue, Ullico  Commercial Observer Read More 

Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.

Robert Khodadadian, properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer,

Commercial Office Lease

.com/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uea4bd4e579684e74077aff0c5ddd3a8f:hover .ctaButton { background-color: #E67E22!important; } .uea4bd4e579684e74077aff0c5ddd3a8f .centered-text { display: table; height: 80px; padding-left: 18px; top: 0; } .uea4bd4e579684e74077aff0c5ddd3a8f .uea4bd4e579684e74077aff0c5ddd3a8f-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uea4bd4e579684e74077aff0c5ddd3a8f:after { content: ""; display: block; clear: both; }
See also  Mayor requests changes to criminal background check bill – Robert Khodadadian

Leave a Reply