Citigroup, Société Générale Close $108M CMBS Loan for Self-Storage Refi

By Andrew Coen January 31, 2025 12:06 pm

Prime Group Holdings has sealed $108 million of commercial mortgage-backed securities financing to refinance a 15-property self-storage portfolio, Commercial Observer has learned.

Citigroup (C) and Société Générale originated the five-year, interest-only CMBS loan for the self-storage properties totaling more than 500,000 square feet in Kentucky, North Carolina, South Carolina and Washington state, according to sources familiar with the deal. 

Meridian Capital Group arranged the transaction with a structured finance team led by Benjamin Nevid. 

Prime Group was founded in 2013 by Robert Moser, who last month teamed up with Empire Capital Holdings to purchase the Ironworks office building in Chelsea for $50 million from Artemis Real Estate Partners and L&L Holding to convert it into self-storage use, CO previously reported. 

Officials at Prime Group, Citigroup and Société Générale did not immediately return requests for comment. Meridian declined to comment.

Andrew Coen can be reached at acoen@commercialobserver.com. 

Source: Commercial Observer