Two big real estate players secured nine-figure financing for a 13-property self-storage portfolio in Dallas, TX and Fort Worth, TX.
Houston-based Hines and Canada-based Trez Capital garnered a $108 million loan from New York Life Real Estate Investors with JLL Capital Markets brokers facilitating the deal. Most of the properties are in Wylie, Carrollton, Lancaster and Duncanville, with some also in Dallas and Arlington. The loan involves a five-year, fixed-rate arrangement with early rate lock, interest-only payments and more.
The JLL team representing Hines included director John Bauman and analyst Jordan Buck.
“Our strategic partnership with Hines in our self-storage portfolio has yielded a remarkable investment opportunity. Partner selection is critical at Trez Capital, and by leveraging Hines’ industry expertise, and the attractive long-term financing provided by New York Life Real Estate Investors, we have delivered exceptional value to our investors with this transaction,” said John Hutchinson, Co-CEO and Global Head of Origination at Trez Capital.
Separately, Hines is developing two DFW self-storage facilities, in Frisco and Garland. The Houston-based firm has more than $93 billion in diversified properties under management. Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt and equity financing solutions across North America, and has more than $5 billion (CAD) of assets under management.
