SOUTH PORTLAND, Maine— JLL Capital Markets has arranged a five-year refinancing for Extra Space South Portland, a recently developed self-storage facility at 193 Western Avenue in South Portland, Maine.
JLL Capital Markets represented the borrower, The Ardent Companies, in securing the financing through a regional bank. The refinancing supports the continued operation of the 2022-built facility, which has maintained occupancy of more than 90% for the past 12 consecutive months.
The property is managed by Extra Space Storage Inc. (NYSE: EXR), the nation’s largest third-party self-storage management company. The facility offers climate-controlled storage units, 24/7 access, digital surveillance, controlled entry and an on-site office.
Located just south of Portland International Jetport, Extra Space South Portland provides convenient access to both Interstate 95 and Interstate 295. The property serves a trade area encompassing more than 125,000 households within a 30-minute drive.
The surrounding market also benefits from strong household demographics. Average household income in the trade area exceeds $130,000, supporting demand for modern self-storage facilities and contributing to the property’s stable performance.
“Extra Space South Portland represents an exceptional stabilized asset in one of New England’s strongest and most attractive markets,” said Hunter Goldberg, a director with JLL Capital Markets. “With consistent 90%+ occupancy, best-in-class Extra Space management and access to an affluent, highly educated demographic base, this property demonstrates the quality fundamentals lenders are seeking in the self-storage sector.”
The JLL Capital Markets Debt Advisory team representing The Ardent Companies included Managing Director John Davis, Director Hunter Goldberg, Associate Austin Smith and Analyst Ameila O’Kieffe.
The refinancing comes as demand for well-located, professionally managed self-storage properties remains supported by strong occupancy and favorable local demographics. For the South Portland facility, its proximity to major transportation routes, the airport and a sizable residential trade area positions the property to continue serving customers throughout the greater Portland market.
JLL Capital Markets provides capital solutions for real estate investors and occupiers globally, with services spanning investment sales and advisory, debt advisory, mergers and acquisitions, corporate finance, loan sales, equity and fund placement, net lease, derivative advisory, and energy and infrastructure advisory. The platform has more than 3,000 specialists worldwide and offices in nearly 50 countries.
