Led by Citigroup, 10 lenders and investors participated to refinance existing debt on Canadian StorageMart self storage assets
COLUMBIA, Mo., Aug. 9, 2017 /CNW/ -- On July 07, 2017, StorageMart closed on $566M (CAD) of mortgage and mezzanine debt used primarily to refinance existing debt placed in 2015 on 63 Canadian self storage properties.
Citigroup led a banking syndicate of eight mortgage lenders and two mezzanine debt investors to reach the new deal. All but one participant from the 2015 financing returned to the table, and one new lender rounded out the team.
"Our Canadian portfolio has performed very well, and we have been fortunate to enter the market at the right time with superior assets and a great team with which to operate," said Mike Burnam, CEO StorageMart
Canadian StorageMart assets affected by the refinancing are distributed as follows: Ontario (64%), Alberta (17%), Quebec (9%), Saskatchewan (7%) and BC (3%).
StorageMart is seeking to expand in markets across the United States, Canada, and the United Kingdom. The company aims to hire 35-40 employees in the next three months. Parties interested in employment opportunities should visit https://www.storage-mart.com/en-gb/about-storagemart/careers.
StorageMart started with a single store in Columbia, Missouri and has grown to be the largest privately-owned, family-operated storage company in the world with 195 self-branded, high-quality properties throughout the US, Canada and UK. StorageMart is led by the Burnam family, which has been in the storage industry for three generations. Dedicated to providing easy, clean and friendly service to each and every customer, StorageMart is also committed to giving back to the many communities it calls home. In 2016, the company donated more than $142,000 to charities, in addition to donating over $350,000 in free rent to local organizations throughout the US and Canada. Find out more at www.storage-mart.com.