Colony Credit Real Estate, Inc. Funds $116,000,000 Acquisition Loan on Four Self-Storage Facilities in New York City Area
September 20 2019 - 11:23AM
Business Wire
Colony Credit Real Estate, Inc. (NYSE: CLNC) (“Colony Credit
Real Estate” or the “Company”) announced today that it has funded a
$116,000,000 floating-rate mortgage loan on behalf of Clutter, Inc.
in connection with Clutter’s $152,000,000 acquisition of The
Storage Fox Portfolio, four (4) self-storage facilities comprised
of approximately 320,000 rentable square feet and 5,240 units
located in Long Island City, Brooklyn, Yonkers and White Plains,
New York.
Clutter, Inc., a technology-enabled disruptor of the
self-storage industry, is the leading company in the on-demand
storage space. To date, Clutter has successfully raised
approximately $300,000,000 in equity capital since its initial
launch in 2015, including its most recent $200,000,000 Series D
round that was led by SoftBank Vision Fund in March, 2019. This
transaction marks Clutter’s first foray into real estate ownership
as well as its first traditional self-storage portfolio. Over the
past few years, Clutter has quickly grown to become the leading
provider of on-demand storage services, operating in seven major
metropolitan market areas and over 1,000 towns and cities across
the US.
The acquisition of The Storage Fox portfolio enables Clutter to
extend its services to customers who need regular access to their
belongings. “We are always looking for new ways to make people’s
lives more convenient,” added Ari Mir, CEO of Clutter, Inc. “We
spent the last few years building out our own warehouse network and
creating infrastructure for urban areas. Now, we’re focused on
owning real estate in key markets to offer the most comprehensive
suite of storage products and services. We’ll continue to invest in
people, technology and logistics to modernize the entire on-site
experience.”
“We are excited to work with an industry leader such as Clutter
to help it broaden its business model by investing in traditional
self-storage facilities. We are always eager to finance companies
which we believe will have a strong growth trajectory, and Clutter
is exceptionally well-positioned to expand its real estate holdings
in the near future,” said Kevin Traenkle, the Chief Executive
Officer of CLNC.
Barclays Investment Bank acted as the Sole Lead Arranger and
Exclusive Financial Advisor to Clutter, Inc.
“Barclays is pleased to have acted as the exclusive financial
advisor to Clutter in connection with its financing of the Storage
Fox acquisition,” said P. Sheridan “Schecky” Schechner, chairman of
Barclays’ PropTech Investment Banking coverage effort. “Clutter is
an innovative company at the intersection of real estate and
technology that is creating a new, tech-enabled, disruptive
approach to the traditional self-storage business.”
About Colony Credit Real Estate, Inc.
Colony Credit Real Estate (NYSE: CLNC) is one of the largest
publicly traded commercial real estate (CRE) credit REITs, focused
on originating, acquiring, financing and managing a diversified
portfolio consisting primarily of CRE senior mortgage loans,
mezzanine loans, preferred equity, debt securities and net leased
properties predominantly in the United States. Colony Credit Real
Estate is externally managed by a subsidiary of leading global real
estate and investment management firm, Colony Capital, Inc. Colony
Credit Real Estate is organized as a Maryland corporation that
intends to elect to be taxed as a REIT for U.S. federal income tax
purposes for its taxable year ending December 31, 2018. For
additional information regarding the Company and its management and
business, please refer to www.clncredit.com.
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