Slate Real Estate Capital, the private credit business of Slate Asset Management with New York offices in Lower Manhattan, 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. Drew Anderman and Ben Nevid of Meridian Capital Group represented the borrower.
Prime Group, headquartered in Saratoga Springs, NY, is the largest privately-owned self -storage owner-operator in the country. The three New York City assets 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, Slate notes. 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 per capita square footage for storage space ranking lowest among top markets in the U.S.