Centerbridge, Reframe Land $350M From JPMorgan To Fund Planned Self-Storage REIT
A joint venture targeting $500M in self-storage acquisitions has legs, thanks to a loan from JPMorgan Chase.
The country's largest bank originated a $350M debt facility to the joint venture of Centerbridge Partners and South Carolina-based storage investor Reframe Holdings to buy up storage facilities around the country.
Centerbridge and Reframe formed the venture last year and plan to form a self-storage REIT with the portfolio, according to a release.
“JPMorgan's commitment reflects conviction in both our thesis and the quality of our combined sponsorship,” Reframe co-founder Zack Widmann said in a statement. “Self-storage is a fragmented asset class where scale, operational discipline and sector-wide relationships create a meaningful edge.”
New York-based Centerbridge has $43B in assets under management, while Reframe’s principals have transacted on more than $1.8B of self-storage and industrial properties, spanning 5.1M SF over 40 properties since the firm launched in 2024, according to the release.
The pair announced their joint venture in October, with plans to spend $500M buying up Class-A and B self-storage properties in top-performing metropolitan areas. The entity already owns six seed assets spread across the Sun Belt and Northeast in Milwaukee; Austin; Gainesville, Florida; Bergenfield, New Jersey; and Syracuse and Rochester, New York.
The JPMorgan financing will allow the joint venture to move more quickly on acquisitions, Reframe co-founder Matthew Dicker said in a statement.
“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,” he said.
JPMorgan Chase declined to comment. Reframe and Centerbridge didn't respond to requests for additional comment.
Walker & Dunlop's Jonathan Schwartz, Aaron Appel, Mo Beler, Michael Brown, Christopher de Raet and Nicholas Gilhooley arranged the financing.
“As new supply moderates and operating performance stabilizes, well-capitalized platforms like this are well positioned to access efficient debt capital,” Schwartz said in a statement, adding on LinkedIn that the joint venture had seen "exceptional" demand from lenders.
Although self-storage valuations are down 21% from their 2022 peak, they were up 2% year-over-year this month, according to Green Street. Investor interest in the asset class is now picking up, according to Cushman & Wakefield.
PwC and the Urban Land Institute’s 2026 Emerging Trends report found investors are increasingly targeting self-storage as renters are demanding longer leases for larger blocks of space.
Roughly 22% of investors looking at alternative asset classes chose self-storage as a preferred target, up from 17% the previous year and the most of any alternative property type, according to CBRE’s 2026 North American Investor Intentions Survey.
