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Strategic Storage Trust II Increases Credit Facility With KeyBank to $500MM

January 13, 2016, 07:06 AM
Filed Under: Real Estate

Strategic Storage Trust II, Inc. (SST II) -- which is sponsored by SmartStop Asset Management, LLC -- recently announced the amendment of its credit facility with KeyBank. The amended credit facility is a revolving credit facility that has a maximum borrowing capacity of $105 million that may be increased up to a maximum credit facility size of $500 million. The amended credit facility has an initial term of three years, maturing on December 22, 2018, with two one-year extension options subject to certain conditions outlined further in the agreement.

"We are excited to complete this amendment to our credit facility, as it allows us greater flexibility to execute on our growth strategy," said H. Michael Schwartz, chairman and CEO of SST II. "This is an extension of our long-term relationship with KeyBank and will allow us to acquire prime self storage properties throughout the United States and Toronto, Canada."

Strategic Storage Trust II, Inc. (SST II) is a public non-traded REIT that focuses on stabilized self storage properties. The SST II portfolio includes approximately 19,500 self storage units and approximately 2 million rentable square feet of storage space.

SmartStop Asset Management, LLC is a diversified real estate company with a managed portfolio that currently includes approximately 34,000 self storage units and approximately 3.8 million rentable square feet. The company is the asset manager for 54 self storage facilities located throughout the United States and Canada. SmartStop Asset Management is the sponsor of SST II and Strategic Storage Growth Trust, Inc. (SSGT), a public non-traded REIT focused on opportunistic self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats.

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