Robert Khodadadian – Commercial Observer

A joint venture between SpareBox Storage and Davidson Kempner Capital Management has sealed a $462.5 million debt package to refinance a 101-asset national self-storage portfolio, Commercial Observer can first report.

Bank of America provided the loan for the sponsorship’s ownership of 6.9 million square feet of self-storage properties, which span eight states. 

Newmark arranged the transaction with a team led by Dustin Stolly, Jordan Roeschlaub and Nick Scribani in partnership with Aaron Swerdlin, head of the brokerage giant’s self-storage division. 

“The strength of the platform is highlighted by the operating partner’s deep market knowledge and ability to manage their distributed portfolio remotely,” Roeschlaub said in a statement. “Local market knowledge fuels the acquisition pipeline, and the use of sophisticated proprietary software creates an efficient operating environment.”

SpareBox is a self-storage owner and manager that utilizes a data-driven platform. The Denver-based firm manages a total of 37,362 self-storage units across its 101 properties. 

Davidson Kempner Capital Management is a global investment management firm with roughly $38 billion in assets under management.

Officials at Bank of America and SpareBox did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com

A joint venture between SpareBox Storage and Davidson Kempner Capital Management has sealed a $462.5 million debt package to refinance a 101-asset national self-storage portfolio, Commercial Observer can first report. Bank of America provided the loan for the sponsorship’s ownership of 6.9 million square feet of self-storage properties, which span eight states.  Newmark arranged theRead MoreChannel, Finance, Refinance, Aaron Swerdlin, Bank of America, Davidson Kempner Capital Management, Dustin Stolly, Jordan Roeschlaub, Newmark, Nick Scribani, SpareBox Storage

Robert Khodadadian, skyline properties, ground leases

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