Carlyle Group & Sabharwal

The Carlyle Group and Sabharwal Properties secured a $100 million refinancing loan from PGIM Real Estate for a four-property self-storage portfolio in NYC. This portfolio, spanning 443,000 square feet and nearly 5,200 units, includes CubeSmart and StorQuest facilities in Brooklyn and Staten Island. The loan replaces $75.8 million in construction debt from Bank OZK and Santander. Carlyle recently acquired the Life Storage building in Queens for $50.3 million. Despite a cooling national market, NYC’s outer boroughs saw increased self-storage demand during the pandemic, though rental rates are now declining, with the national average at $135 per unit.