NKF Capital Markets Completes Debt and Equity Origination for 22-Property Self Storage Portfolio

Posted: 9/18/2018
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NKF Capital Markets has completed the debt and equity origination for the acquisition of a 22-property self storage portfolio. The portfolio spanned across nine MSAs in Florida, Oklahoma and Texas.

“The self storage product type continues to broaden its esteem within the real estate investment community. As we’ve observed for the last several years, there continues to be more capital looking to deploy into the space than there are deals into which that capital can land,” commented Aaron Swerdlin, Vice Chairman. “Fewer large portfolios have come to market during the last several months so interest in this deal was very deep and very diverse,” said Kenneth Cox, Executive Managing Director. “Raising the preferred equity and the senior debt as a part of the acquisition made this a challenging deal, but given the strength of the deal and the upside opportunities within the portfolio, there was a strong appetite from various capital sources,” said Swerdlin.

“The ability to achieve scale in a single transaction was key to this acquisition. 1.1 million sqft of NRA packaged with 500,000 sqft of planned expansion provides a platform to take advantage of future opportunities,” said Steven Stein, President of Etude Capital.

Etude Capital Storage Holdings, LLC wholly owns the 22 properties while the property management has been outsourced to a publicly traded self storage REIT.

Mr. Swerdlin and Mr. Cox head up NKF Capital Markets’ Self Storage Group and together have led more than $6.5 billion in self storage transactions during their careers. The group provides clients a range of services including pre-marketing consulting, operations analysis, dispositions, debt placement, proprietary lending and equity assignments.

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