Walker & Dunlop, a commercial real estate finance and advisory firm, announced that it has arranged a $350 million aggregation debt facility with JPMorgan Chase Bank for a self-storage REIT platform sponsored by a joint venture between Centerbridge Partners and Reframe Holdings.
The financing is designed to provide scalable and flexible capital to support the venture’s strategy of acquiring and aggregating more than $500 million of existing Class A and institutional-quality Class B self-storage assets across major U.S. metropolitan areas. The platform aims to leverage third-party property managers to enhance operational performance and drive net operating income growth.
The portfolio is initially anchored by six seed assets located in Milwaukee, Austin, Gainesville, Bergenfield, Syracuse, and Rochester, representing a geographically diversified mix of Sun Belt growth markets and supply-constrained Northeast regions.
Walker & Dunlop’s Capital Markets team, which arranged the financing, highlighted strong lender demand driven by the sponsors’ scale, strategy, and market positioning. The firm noted that institutional appetite for high-quality self-storage assets remains robust, particularly as new supply moderates and operating fundamentals stabilize.
The transaction builds on Walker & Dunlop’s broader capital markets activity, which included sourcing over $22 billion from non-agency capital providers in 2025.
The joint venture between Centerbridge and Reframe was formed in late 2025, combining institutional investment capabilities with operating and development expertise in the self-storage sector. Reframe’s principals have collectively transacted on more than $1.8 billion of self-storage and industrial properties across 40 facilities totaling over 5.1 million square feet.
KEY QUOTES:
“Self-storage valuations have reset meaningfully over the past two years, and we believe this creates a rare window to aggregate institutional-quality assets with in-place cash flow at or below replacement cost. This debt facility provides us with the capital to move decisively and execute our strategy. By combining Centerbridge’s institutional resources and track record in self-storage along with Reframe’s operating, acquisition and development expertise, we are building a platform where operational discipline and acquisition timing compound into long-term value.”
Matthew Dicker, Co-Founder of Reframe Holdings
“Liquidity for high-quality and well-located self-storage assets remains strong among institutional lenders for qualified sponsors. Reframe and Centerbridge’s strong sponsorship, scaled platform, and clear aggregation strategy drove significant lender demand and a highly competitive process. As new supply moderates and operating performance stabilizes, well-capitalized platforms like this are well positioned to access efficient debt capital. We are proud to arrange a facility that supports their continued growth.”
Jonathan Schwartz, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop
“JPMorgan’s commitment reflects conviction in both our thesis and the quality of our combined sponsorship. Self-storage is a fragmented asset class where scale, operational discipline and sector-wide relationships create a meaningful edge.”
Zack Widmann, Co-Founder of Reframe Holdings
