News release

New York City-area self-storage portfolio refinanced

JLL Capital Markets arranged the loan for Harrison Street’s 3,836-unit portfolio on Long Island and in Westchester

February 11, 2021

NEW YORK, Feb. 11, 2021 – JLL Capital Markets announced today that it has arranged a refinancing of a four-property self-storage portfolio totaling 3,846 units on Long Island and in Westchester, New York.

JLL worked on behalf of the borrower, Harrison Street, to place the three-year, floating-rate loan with PGIM Real Estate on behalf of its U.S. core-plus debt strategy. The interest-only loan has a three-year primary term with two one-year extension options. A renovation of the properties, which are managed by Storage Post, began in 2019. The bridge loan will allow the borrower to complete the final stages of the assets’ repositioning and stabilization.

At 91 percent occupancy, the portfolio consists of 1760 Front St. in Yorktown Heights; 280 Broadway in Huntington Station; 1000 Axinn Ave. in Garden City; and 50 Carnation Ave. in Floral Park. After acquiring the properties in 2017, Harrison Street embarked on a multi-million-dollar portfolio renovation. The facilities total 263,170 rentable square feet in high barrier-to-entry submarkets in Nassau, Suffolk and Westchester counties. These dense locations have an average population within a five-mile radius of nearly 603,730.

The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director Griffin Guthneck, Director Stephen Van Leer and Managing Directors Steve Mellon and Brian Somoza.

“This was a terrific execution for Harrison Street, which helps advance their business plan by reducing the cost of debt commensurate with the portfolio’s current risk profile,” Guthneck said.

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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About JLL

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

About Harrison Street

Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since its inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences, and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with an office in London, the firm has more than 190-employees and approximately $32 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe and Asia. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2019 North American Alternatives Investor of the Year by PERE. For more information, please visit

About PGIM Real Estate

As one of the largest real estate managers in the world with US$182.5 billion in gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US$1.4 trillion global asset management business of Prudential Financial, Inc. (PFI) (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing2, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit  

1 As of 30 Sept. 2020. Net AUM is $121.3 billion and AUA is $40.4 billion.
2 Includes legacy lending through PGIM’s parent company, PFI.