News release

InSite Property Group scores $140M construction facility for national self-storage development pipeline

JLL Capital Markets arranged the loan for InSite Property Group to efficiently fund its development pipeline

March 12, 2021

LOS ANGELES, March 12, 2021JLL Capital Markets announced today that it has arranged a $140 million construction facility with the ability to expand up to $215 million for InSite Property Group to fund its development pipeline of Class A self-storage assets across the nation.

JLL worked on behalf of the borrower, InSite Property Group (“InSite”), to place the floating-rate loan with ACORE Capital (“ACORE”), a leading commercial real estate finance company and debt fund manager.

InSite operates facilities under the Secure Space Self Storage brand. The financing is part of the company’s ongoing acquisition, development and repositioning strategy that includes a pipeline of 40 projects totaling nearly 5 million square feet of core, Class A product in infill markets across the U.S.

“We appreciate the creativity of both the JLL and ACORE teams in helping us structure a truly unique facility, which will provide us the flexibility to execute on our development pipeline,” said InSite CFO Chip Brown. “ACORE’s execution was first class and we are looking forward to partnering with them.”

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Bill Fishel, Senior Director Matt Stewart and Analyst Chad Morgan in concert with JLL’s national Self-Storage team of Managing Director Brian Somoza and Senior Director Griffin Guthneck.

“The self-storage asset class has seen significant demand from institutional capital investors as it has been one of the strongest performing asset classes through the COVID-19 pandemic,” said Fishel, who is also co-head of JLL’s Los Angeles’ Capital Markets office.

“The bespoke nature of this construction facility will provide InSite with a valuable tool to help achieve their strategic growth objectives across the U.S.,” Stewart added. “It was a phenomenal execution and ACORE’s hand-on approach will be a true value-add as they work through InSite’s impressive development pipeline.” 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.