First Citizens Bank Provides $157 Million to Morningstar Properties
First Citizens Bank said its Middle Market Banking unit provided $157 million in financing to Morningstar Properties, a self-storage and marina real estate operator, with the facility used to refinance Blue Doors Storage Fund IV. Blue Doors Storage Fund IV is a vehicle sponsored by Blue Doors Capital Management, Morningstar's private-equity real estate affiliate, which invests in acquisition and development of self-storage properties across major U.S. metropolitan and secondary markets. The deal extends a multi-year banking relationship between the two firms.
Key figures
- Borrower type
- private self-storage and marina real estate operator
- Facility purpose
- refinance Blue Doors Storage Fund IV
- Financing amount
- 157000000
- Bank total assets
- >$225 billion
AI analysis
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