Walker & Dunlop, Inc. announced today that it has arranged a $350 million aggregation debt facility with JPMorgan Chase Bank, N.A. for a self-storage REIT platform sponsored by a joint venture between Centerbridge Partners, L.P. and Reframe Holdings LLC.
The debt financing provides scalable and flexible capital to support the joint venture’s strategy of acquiring and aggregating over $500 million of existing Class A and institutional-quality Class B facilities in top metropolitan statistical areas (MSAs) nationwide, utilizing leading third-party property managers to drive asset-level performance and NOI growth. The financing was arranged by Aaron Appel, Jonathan Schwartz, Mo Beler, Michael Brown, Christopher de Raet, and Nicholas Gilhooley of Walker & Dunlop Capital Markets Institutional Advisory. Mo Beler and Jonathan Paine of Walker & Dunlop’s Equity and Structured Finance advised on the formation of the joint venture in late 2025.
“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,” said Matthew Dicker, co-founder of Reframe. “This debt facility provides us with the capital to move decisively and execute our strategy. By combining Centerbridge’s institutional resources and track record in self-storage along with Reframe’s operating, acquisition and development expertise, we are building a platform where operational discipline and acquisition timing compound into long-term value.”
The facility is anchored by six seed assets owned by the joint venture, located in Milwaukee, WI; Austin, TX; Gainesville, FL; Bergenfield, NJ; Syracuse, NY; and Rochester, NY — a geographically diversified portfolio spanning Sun Belt growth markets and established, supply-constrained Northeast submarkets.
“Liquidity for high-quality and well-located self-storage assets remains strong among institutional lenders for qualified sponsors,” said Jonathan Schwartz, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “Reframe and Centerbridge’s strong sponsorship, scaled platform, and clear aggregation strategy drove significant lender demand and a highly competitive process. As new supply moderates and operating performance stabilizes, well-capitalized platforms like this are well positioned to access efficient debt capital. We are proud to arrange a facility that supports their continued growth.”
“JPMorgan’s commitment reflects conviction in both our thesis and the quality of our combined sponsorship. Self-storage is a fragmented asset class where scale, operational discipline and sector-wide relationships create a meaningful edge,” said Zack Widmann, co-founder of Reframe.
In 2025, Walker & Dunlop’s Capital Markets team sourced over $22 billion from non-Agency capital providers, including over $15.9 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
