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SpareBox Completes $463M Refinancing of Self-Storage Portfolio

September 27, 2022

1 Min Read
SpareBox Completes $463M Refinancing of Self-Storage Portfolio

SpareBox Storage, which operates self-storage facilities in nine states, has completed a $462.5 million refinancing of its portfolio through Bank of America. In two years, the company has acquired 7.4 million square feet of storage space in 21 markets and intends to continue to grow aggressively in the near term, according to a press release.

“Self-storage continues to be one of the strongest sectors in commercial real estate. Since we launched in August 2020, we have outperformed our underwriting and grown rapidly, expanding to 21 markets in nine states across the country,” said CEO Steve Treadwell. “We are excited about our growth trajectory in 2023 and beyond as we execute on our strategy of targeting markets with strong demographic fundamentals.”

The company will seek expansion opportunities within its current territories as well as add new markets, particularly in the Southeast and Southwest, Treadwell said.

Founded in August 2020, SpareBox is a joint venture between investment funds advised by sponsored by Davidson Kempner Capital Management LP and Rizk Ventures. Its led by Chuck James, Kate Matheny and Treadwell. It operates 108 locations in Arkansas, Florida, Georgia, Michigan, New Hampshire, Ohio, Oklahoma, South Carolina and Texas.

Source: Business Wire, SpareBox Storage Strengthens Balance Sheet with Successful $463 Million Refinance with Bank of America

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