JLL Capital Markets Secures Refinancing for Extra Space South Portland
South Portland, Maine – JLL Capital Markets has facilitated a five-year refinancing for Extra Space South Portland, a newly constructed self-storage facility located at 193 Western Avenue in South Portland.
The financing, secured through a regional bank, supports the operation of the facility built in 2022, which has sustained over 90% occupancy for the past year.
Managed by Extra Space Storage Inc. (NYSE: EXR), the facility features climate-controlled units, 24/7 access, digital surveillance, controlled entry, and an on-site office.
Strategically positioned just south of Portland International Jetport, the facility offers easy access to Interstate 95 and Interstate 295, serving a trade area with over 125,000 households within a 30-minute drive.
The local market demonstrates strong economic indicators, with the average household income exceeding $130,000, bolstering demand for modern self-storage structures and underlining the property’s stable performance.
Hunter Goldberg, a director with JLL Capital Markets, noted, “Extra Space South Portland represents an exceptional stabilized asset in one of New England’s strongest markets. With consistent 90%+ occupancy and access to an affluent, educated demographic, this property exemplifies the quality fundamentals lenders are pursuing in the self-storage sector.”
The JLL Capital Markets Debt Advisory team representing The Ardent Companies included Managing Director John Davis, Director Hunter Goldberg, Associate Austin Smith, and Analyst Amelia O’Kieffe.
As demand for well-placed, professionally managed self-storage properties grows, the proximity of this facility to major transport routes, the airport, and a large residential area positions it well for continued service to customers in the greater Portland market.
JLL Capital Markets delivers capital solutions for real estate investors and occupiers globally with a comprehensive range of services, backed by over 3,000 specialists across nearly 50 countries.
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