First Citizens Bank announced that its Middle Market Banking business provided a total of $65.8 million in senior secured financing for affiliates of Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets.
The financing was used for Morningstar’s acquisition of three new self-storage properties that will operate under the brand name Morningstar Storage. The properties include:
- a 103,000-square-foot self-storage facility in Henderson, Nevada, serving the Greater Las Vegas market;
- a 141,000-square-foot self-storage facility off Eldridge Parkway in Houston, Texas; and
- a 151,000-square-foot self-storage facility off South Voss Road in Houston, Texas.
“We continue to find attractive opportunities to add to our portfolio as demand from both consumers and businesses for convenient and secure self-storage with top notch management remains strong,” said Wesley Carter, CFO of Morningstar Storage. “We appreciate the expertise and agility of the First Citizens Middle Market Banking team in arranging financing for these transactions.”
“Morningstar Properties continues to make exceptional investments in the self-storage market, and we were pleased to partner with them again in support of their business objectives” said Brendan Chambers, First Citizens' lead executive for Middle Market Banking.
Last May, First Citizens announced that it provided a Morningstar Properties affiliate with a senior secured line of credit for up to $50 million for acquisition and development opportunities as well as general working capital purposes.