This Past Week’s Storage Debt Pricing Snapshot

Some real debt pricing we saw this past week across a few different types of executions:

Life co: $4.75MM — 10 yr UST + 125; 5 years IO; 30 yr AM
Life co: $11MM — 3 yr term; 5.8% fixed rate; 30 yr AM
Life co: $6MM — 10 yr UST + 145; 5 years IO; 30 yr AM
Regional Bank (Construction/Perm): $9.75MM — S + 275
Life co: $11.5MM — 5.35% fixed rate; 5 yr term; full term IO
Debt Fund (Bridge): $12MM — 3 yr UST + 335

What stands out is how clearly the capital stack has stratified.

Life companies are still the most competitive source of capital for the right deals, particularly stabilized or light transitional “storage-like” assets, offering the lowest coupons with strong structures (IO periods and long amortization).

Regional banks sit in the middle of the stack, typically pricing wider but providing flexibility for construction/perm executions and transitional business plans.

Debt funds continue to lead on flexibility and speed for value-add and bridge scenarios, but at a meaningful premium to permanent capital.

Curious what others are seeing across their markets right now.

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This Past Week’s Storage Debt Pricing Snapshot