Sound Point Lends $33M on Staten Island Self-Storage Acquisition

JLL Capital Markets announced today that it has arranged $33.2 million in financing for Storage Post’s new 2,370-unit self-storage facility located at 620 Richmond Terr. in Staten Island, New York.

JLL worked on behalf of the borrower, Storage Post Self Storage, to secure a $33.2 million loan through SoundPoint Capital, an alternative asset management firm based in New York with $28.9 billion of assets under management. Storage Post acquired the brand-new, four-story facility as part of its rapid growth in 2022.

Located in the North Shore of Staten Island, the newly completed facility offers climate-controlled units that vary from 15 to 300 square feet. Amenities include indoor loading bays, motion-activated LED lighting, packing and moving supplies, elevators, digital keypad access and energy-efficient building management systems.

The property benefits from a 15-year Industrial and Commercial Abatement Program in which taxes are reduced by 100% for the first 11 years. 620 Richmond Terr. is in a high barrier-to-entry, densely populated trade area with low self-storage supply.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Steve Klein, Director Robert Tonnessen, Vice President Jackie Ferrer and Associate Ricky Song.

“The property’s location within an underpenetrated, densely populated market, combined with Storage Post’s self-storage expertise, present an opportunity for rapid lease-up and asset stability,” Klein said.

Tonnessen added, “Lender appetite for well-located, best-in-class self-storage assets remains strong in what has been a volatile market, and we are thrilled to have been able to secure competitive financing from a lender eager for a foothold in the space with an investment positioned for long-term gain.”

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 advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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