Walker & Dunlop has arranged a $350 million aggregation debt facility. The financing supports the creation of a self-storage investment platform backed by Centerbridge Partners and Reframe Holdings.
JPMorgan Chase Bank provided the financing. The capital will help the joint venture acquire and consolidate over $500 million in self-storage assets across major U.S. metropolitan areas.
A team from Walker & Dunlop’s Capital Markets division led the transaction. This included Aaron Appel and Jonathan Schwartz. The firm had also advised on the joint venture’s formation in late 2025.
The platform targets a fragmented self-storage sector. Market conditions have shifted in recent years, creating new opportunities for consolidation.
“Self-storage valuations have reset meaningfully over the past two years,” said Matthew Dicker. “This creates a rare window to aggregate institutional-quality assets with in-place cash flow at or below replacement cost.”
Therefore, the strategy focuses on acquiring Class A and high-quality Class B facilities. These assets will be located in top metropolitan areas. In addition, third-party managers will oversee operations to improve efficiency and performance.
The platform begins with six properties already owned by the joint venture. These are located in Milwaukee, Austin, Gainesville, Bergenfield, Syracuse, and Rochester.
This mix includes both high-growth Sun Belt markets and supply-constrained Northeastern regions. As a result, the portfolio offers geographic diversification. It also allows the platform to respond to varying regional demand trends.
Executives highlighted strong lender interest in structured deals with experienced sponsors.
“Reframe and Centerbridge’s strong sponsorship and clear aggregation strategy drove significant lender demand and a highly competitive process,” said Jonathan Schwartz, senior managing director and co-head of Institutional Advisory.
Zack Widmann noted that the involvement of JPMorgan reflects confidence in the strategy and execution.
“Self-storage is a fragmented asset class where scale and operational discipline create a meaningful edge,” Widmann said.
The transaction reflects Walker & Dunlop’s growing role in commercial real estate finance. In 2025, the firm’s Capital Markets team sourced over $22 billion from non-agency capital providers. This included nearly $16 billion for multifamily assets.
With this facility in place, the Centerbridge-Reframe platform is expected to deploy capital actively. Consequently, it may emerge as a notable participant in the self-storage investment space.
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