Stan Kroenke's Manhattan Mini Storage Lands $2.1B Refinancing
The loan pays off a 2022 mortgage of the same size on a portfolio that now controls 58% of existing Manhattan storage space, double its nearest competitor.
Stan Kroenke’s StorageMart has lined up a $2.1 billion floating-rate CMBS refinancing for Manhattan Mini Storage, the billionaire’s self-storage platform spanning roughly 54,000 units across 16 Manhattan properties. Citi Real Estate Funding and Morgan Stanley Mortgage Capital Holdings are providing the debt, expected to close October 8, to pay off a 2022 mortgage of the same size.
Why it matters
Self-storage rarely makes a headline-scale capital markets list, but a $2.1 billion floating-rate deal against one operator’s Manhattan footprint says debt markets are pricing the asset class at institutional scale, not as a niche play. Manhattan Mini Storage controls 58% of existing Manhattan storage space, twice as much as its nearest competitor, giving lenders a rent roll with little direct in-borough competition to underwrite against. For developers weighing office and retail conversions, the deal is another data point alongside the wave of Manhattan office-to-storage plays this year: storage carries no affordability mandate and lighter code requirements than residential, and institutional capital is now willing to finance it at scale, not just fund one-off conversions.
The numbers
The collateral totals about 54,000 units across 2.2 million square feet, plus another 293,000 square feet of commercial and miscellaneous space, spread across 10 Manhattan neighborhoods with the heaviest concentrations in Chelsea, SoHo and Harlem. Occupancy stood near 87% as of the June rent roll. StorageMart invested $42 million upgrading the portfolio between 2022 and 2025. When it bought Manhattan Mini Storage in 2021 the company had 18 locations; after a 15-property acquisition in January it has 51 across the metro area. The new loan carries a two-year initial term with three 12-month extension options.
What’s next
The refinancing is expected to close October 8, and the terms point to a lender base still comfortable extending large floating-rate debt against a stabilized, non-institutional-typical asset like self storage. That appetite is showing up beyond Kroenke’s own holdings: Manhattan Mini Storage is also set to operate a converted Class C office tower at 152 West 36th Street once that project reaches completion in early 2027, a sign the brand’s growth in New York is not slowing even as it locks in new terms on its existing book.