Centerbridge Partners and Merit Hill Capital acquire self-storage portfolio for $170m

Centerbridge Partners and Merit Hill Capital have announced the $170 million financing of a 33-asset, 1.8 million-square-foot national self-storage portfolio. The portfolio is well-leased and located in strong primary markets and submarkets across 16 states. The properties are third-party managed by a combination of CubeSmart and Extra Space. Newmark Group arranged the financing for both companies.

“Driving the success of this transaction is the strength of the sponsorship between Merit Hill’s operating platform and the equity commitment provided by Centerbridge Capital Partners,” said Jordan Roeschlaub, vice chairman and co-head of the Newmark debt, equity and structured finance team.