JLL arranges $140m refinancing for a continuation vehicle of 8-property self-storage portfolio formed between Ardent Cos. and StepStone R.E.

New York, NY JLL Capital Markets arranged $140 million in refinancing for a portfolio of eight Class A self-storage facilities totaling 742,855 s/f across seven states in the northeastern U.S. as part of a continuation vehicle formed between The Ardent Companies and StepStone Real Estate.

JLL worked on behalf of Ardent and Stepstone to secure the floating-rate loan through ACORE CAPITAL.

The portfolio comprises 7,650 units across eight climate-controlled, facilities that offer customers storage solutions in suburban retail locations. The facilities are professionally managed by Extra Space Storage, one of the industry’s leading third-party operators, and serve populated trade areas with strong demographic profiles.

“This refinancing represents an important milestone in the continued execution of our self-storage strategy and reinforces the strong foundation of our partnership with StepStone,” said Thomas Olson, partner and head of self-storage strategy for The Ardent Companies. “As we advance the next phase of this portfolio’s lifecycle, we remain focused on optimizing operations and creating long-term value through disciplined asset management and strategic growth.”

The JLL Capital Markets team representing the partnership was led by senior managing directors Brian Somoza and Steven Klein and senior director John Bauman with support from associates Campbell Swango and Shishir Reddy.

“The market’s strong competitive response to the financing request demonstrates capital’s conviction in the self-storage industry and more specifically, the quality of The Ardent Companies’ developed portfolio,” said Bauman. “We’re honored to have had the opportunity to work with all parties to this transaction and are thrilled with the execution for our client.”

“ACORE’s commitment to this financing underscores the institutional appeal of newly delivered, climate-controlled self-storage assets in supply-constrained Northeast markets,” said Klein. “The combination of The Ardent Companies’ development expertise and these best-in-class facilities created a compelling value proposition that resonated strongly with lenders seeking quality exposure to the sector.”