CHARLOTTE, N.C., May 4, 2022 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided up to $50 million as a senior secured line of credit to an affiliate of Morningstar Properties, a leading investor in and operator of self-storage facilities.
The line of credit is structured as a $35 million revolving line of credit with a $15 million accordion feature expanding the total available financing up to $50 million. Proceeds from the financing will be used for growth opportunities and general working capital purposes.
"The fundamentals supporting self-storage facilities remain exceptionally strong, as consumers and businesses continue to demand secure and affordable spaces for safeguarding their possessions," said Wesley Carter, CFO of Morningstar Storage. "This financing will enable Morningstar to effectively manage its capital resources and efficiently grow its portfolio of assets. First Citizens is a critical partner for Morningstar and we appreciate their expertise in arranging this financing."
"Morningstar Properties is well-known as a smart and experienced investor and operator of self-storage facilities," said Brendan Chambers, First Citizens' lead executive for Middle Market Banking. "We were pleased to provide this financing to support their business objectives."
Middle Market Banking business delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. As the largest family-controlled bank in the United States, First Citizens is continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Founded in 1898 and headquartered in Raleigh, N.C., First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. First Citizens Bank brings together personal service and powerful tools to help customers do more with their money—and make more of their future. Visit firstcitizens.com. First Citizens Bank. Forever First®
About Morningstar Properties
Founded in 1981, Morningstar Properties is a vertically integrated fund manager, developer, owner and operator of specialty real estate assets. The company primarily focuses on self-storage and marinas, in the South and Mid Atlantic United States. Since its inception forty years ago, Morningstar Storage has been consistently recognized as one of the premier private platforms in the storage industry. Morningstar has developed, acquired and operated over 250 self-storage projects across the country, totaling in excess of 15 million square feet. A pioneer in today's expanding marina sector, Morningstar also acquires and operates marinas under the brand name Morningstar Marinas. The company is headquartered in Charlotte, NC.
SOURCE First Citizens Bank