Strategic Storage Trust II Inc. (SST II), a self-storage real estate investment trust (REIT) sponsored by SmartStop Asset Management LLC, has amended a revolving line of credit with KeyBank. The amended credit facility has a maximum borrowing capacity of $105 million that may be increased up to $500 million, according to a press release. The REIT intends to use the financial flexibility to fund expansion.
“We are excited to complete this amendment to our credit facility, as it allows us greater flexibility to execute on our growth strategy,” said H. Michael Schwartz, chairman and CEO of SST II. “This is an extension of our long-term relationship with KeyBank and will allow us to acquire prime self storage properties throughout the United States and Toronto, Canada.”
The amended credit facility has an initial term of three years and will mature on Dec. 22, 2018, the release stated. It has two one-year extension options subject to certain conditions.
SST II is a public, non-traded REIT. Its self-storage portfolio includes 19,500 self-storage units and approximately 2 million rentable square feet of storage space.
SmartStop Asset Management is a diversified real estate company with a managed portfolio that includes 3.8 million rentable square feet of storage space in Canada and the United States. The company is also the sponsor of Strategic Storage Growth Trust Inc., a public non-traded self-storage REIT.