First Citizens Middle Market Banking Provides Up to $65.8 Million for Morningstar Properties Affiliates

RALEIGH, N.C. — Jan. 11, 2023 — First Citizens Bank today announced that its Middle Market Banking business provided a total of $65.8 million in senior secured financing for affiliates of Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets.

The financing was used for Morningstar’s acquisition of three new self-storage properties that will operate under the brand name Morningstar Storage.  The properties include:

•           a 103,000-square-foot self-storage facility in Henderson, Nevada, serving the Greater Las Vegas market;.

•           a 141,000-square-foot self-storage facility off Eldridge Parkway in Houston, Texas; and

•           a 151,000-square-foot self-storage facility off South Voss Road in Houston, Texas.

“We continue to find attractive opportunities to add to our portfolio as demand from both consumers and businesses for convenient and secure self-storage with top notch management remains strong,” said Wesley Carter, CFO of Morningstar Storage. “We appreciate the expertise and agility of the First Citizens Middle Market Banking team in arranging financing for these transactions.”

“Morningstar Properties continues to make exceptional investments in the self-storage market, and we were pleased to partner with them again in support of their business objectives” said Brendan Chambers, First Citizens' lead executive for Middle Market Banking.

Last May, First Citizens announced that it provided a Morningstar Properties affiliate with a senior secured line of credit for up to $50 million for acquisition and development opportunities as well as general working capital purposes.

First Citizens Middle Market Banking team 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, across the United States from Maryland to Florida to Nevada. 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.

John M. Moran
Director, External Communications
CIT division of First Citizens Bank
(212) 461-5507
john.moran2@firstcitizens.com