CIT Arranges $87 Million Financing for Storage Rentals of America

CIT Arranges $87 Million Financing for Storage Rentals of America

Storage Rentals of America has recently obtained $87 million in financing from CIT Group’s Real Estate Finance unit who served as a lead arranger.

SROA Capital will use the financing to recapitalize and refinance debt on its portfolio of 35 self-storage properties encompassing more than 14,000 storage units in three states: Ohio, Kentucky and Florida.

“Our portfolio of self-storage properties is geographically diverse and located in attractive markets,” said Benjamin S. Macfarland III, CEO of SROA Capital. “We appreciated CIT’s agility and expertise in developing a financing package that enables us to consolidate and refinance our debt on this property portfolio which puts us in a strong position to begin capital raise for SROA Capital Fund VIII, LP.”

“Storage Rentals of America is well regarded as a leading manager of self-storage properties,” said Chris Niederpruem, president of CIT’s Real Estate Finance business. “We are pleased to support their growth with a financing package that helps them meet their business goals.”

About SROA Capital

SROA Capital continues to be one of the leaders in today’s CRE investments. The company shares the vision for growing market segments and flourishing companies propelled by market investment demands.

Our management teams conduct due diligence to provide critical information about the market’s demographics and economic strengths. The effort validates the worthiness to investors and financial institutions requiring a stable marketplace based on positive returns. Our investors are confident of sure-proof and secured strategies of earning favorable returns on this investment.

The company’s investment portfolio offers active and passive investors looking to invest in long-term income-producing CRE real estate properties a share of the future.