JLL arranges $140M refinancing for a continuation vehicle of 8-property self-storage portfolio

NEW YORK CITY, July 21, 2026 – JLL Capital Markets announced today that it has arranged $140 million in refinancing for a portfolio of eight Class A self-storage facilities totaling 742,855 square feet across seven states in the northeastern United States as part of a continuation vehicle formed between The Ardent Companies and StepStone Real Estate. 

JLL worked on behalf of Ardent and Stepstone to secure the floating-rate loan through ACORE CAPITAL, one of the leading U.S. commercial real estate investment managers.

The portfolio comprises 7,650 units across eight climate-controlled, state-of-the-art facilities that offer customers best-in-class storage solutions in convenient suburban retail locations. The facilities are professionally managed by Extra Space Storage, one of the industry's leading third-party operators, and serve densely populated trade areas with strong demographic profiles.

“This refinancing represents an important milestone in the continued execution of our self-storage strategy and reinforces the strong foundation of our partnership with StepStone,” said Thomas Olson, Partner and Head of Self-Storage Strategy for The Ardent Companies. “As we advance the next phase of this portfolio’s lifecycle, we remain focused on optimizing operations and creating long-term value through disciplined asset management and strategic growth.”

The JLL Capital Markets team representing the partnership was led by Senior Managing Directors Brian Somoza and Steven Klein and Senior Director John Bauman with support from associates Campbell Swango and Shishir Reddy.

"The market’s strong competitive response to the financing request demonstrates capital’s conviction in the self-storage industry and more specifically, the quality of The Ardent Companies’ developed portfolio," said Bauman. "We’re honored to have had the opportunity to work with all parties to this transaction and are thrilled with the execution for our client.”

"ACORE's commitment to this financing underscores the institutional appeal of newly delivered, climate-controlled self-storage assets in supply-constrained Northeast markets," added Klein. "The combination of The Ardent Companies' development expertise and these best-in-class facilities created a compelling value proposition that resonated strongly with lenders seeking quality exposure to the sector."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

ACORE CAPITAL, LP is one of the leading U.S. commercial real estate investment managers with approximately $18 billion of assets under management as 3/31/2026. With offices in New York, Los Angeles, Miami, San Francisco and Dallas, ACORE CAPITAL originates, acquires and manages a broad range of real estate credit investments. ACORE CAPITAL’s success has been fueled by its long-standing industry relationships and access to a consistent pipeline of origination opportunities. For more information, please visit www.acorecapital.com.

The Ardent Companies operates as a privately held real estate firm focused on opportunistic and diversified investment strategies. With significant industry experience and a demonstrated track record, Ardent leverages its established relationships and capital flexibility to attain a diverse set of risk-adjusted investments. The firm pursues opportunities with an innovative and disciplined approach, making material investments together with our limited partners for maximum alignment. As the firm continues to build upon its infrastructure, portfolio, and footprint, Ardent is committed to creating a positive impact on its employees, investors, and communities. Founded in 2012, Ardent has deployed over $6.8 billion of capital with $2.7 billion in assets currently under management. Ardent’s investment strategies extend across US state lines and country borders, with a current presence in 40 states and three countries. As Ardent expands upon its geographic footprint, the firm continues to grow its employee base with team members based in Atlanta, Charlotte, Miami, Los Angeles, Chicago, and New York City, as well as in London, UK.

StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2025, StepStone was responsible for approximately $811 billion of total capital, including $220 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.