First Citizens Bank announced that its Middle Market Banking business provided $157 million in financing to Morningstar Properties, an investor in and operator of self-storage facilities, marinas and other specialty real estate assets. This financing builds on a multiyear relationship between First Citizens and Morningstar Properties.
The facility will refinance Blue Doors Storage Fund IV, a vehicle sponsored by Morningstar Properties’ private equity real estate affiliate, Blue Doors Capital Management, that invests in the acquisition and development of self-storage properties in major metropolitan markets and strategic secondary markets across the United States.
“The First Citizens’ Middle Market Banking team has been a trusted financial partner and advisor as we’ve grown our Blue Doors platform,” said Wesley Carter, CFO at Morningstar Properties. “Their continued support provides us with the flexibility to invest in high-quality self-storage assets and ca
