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
LOS ANGELES, March 12, 2021 – JLL 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 Directors Brian Somoza and Steve Mellon 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
InSite is a vertically integrated self-storage developer, operator and manager focused on leveraging technology to deliver the best performing assets across institutional and emerging markets.
About ACORE Capital
ACORE Capital, LP is a leading commercial real estate finance company and debt fund manager with approximately $17 billion of assets under management. ACORE is focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For more information, please visit acorecapital.com.