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**Centerbridge, Merit Hill Secure $425M Refinance for National Self-Storage Portfolio**
Newmark Group, Inc. has arranged a $425 million loan on behalf of Centerbridge Partners and Merit Hill Capital to refinance a national portfolio of 78 self-storage properties. The financing was secured by Jordan Roeschlaub, Co-President of Newmark’s Global Debt & Structured Finance, along with Vice Chairman Nick Scribani and Director John Caraviello. Citigroup and Goldman Sachs provided the capital. Terms of the transaction were not disclosed.
This expansive portfolio includes nearly 32,000 storage units, totaling approximately 4.65 million square feet of rentable space. The properties are strategically located across multiple states and are managed on a third-party basis by industry leaders Extra Space, CubeSmart, and Argus.
Since 2023, Centerbridge and Merit Hill have overseen a net operating income (NOI) increase of over 18% across the portfolio, indicating strong operational performance.
According to recent data from Newmark Research, the self-storage sector continues to demonstrate resilience, with same-store occupancy rates averaging 90.7% nationally. High levels of Google search activity suggest sustained consumer interest, while advanced revenue management systems and healthy consumer fundamentals are supporting strong NOI margins across the sector.
The transaction highlights continued investor confidence in self-storage as a stable and high-performing real estate asset class.
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