First Citizens Bank Provides $157 Million Financing to Morningstar Properties
First Citizens Bank has provided $157 million in financing to Morningstar Properties, a leading investor and operator of self-storage facilities and marinas. The funding will be used to refinance Blue Doors Storage Fund IV, which is sponsored by Morningstar's private-equity affiliate, Blue Doors Capital Management. This transaction strengthens the existing multi-year relationship between First Citizens Bank and Morningstar Properties. Wesley Carter, CFO of Morningstar Properties, praised First Citizens for their role as a trusted financial partner in expanding the company’s portfolio through high-quality self-storage assets. Eric Searls from First Citizens highlighted the bank's commitment to supporting long-term growth strategies within specialty real estate sectors like self-storage and marinas. Morningstar Properties has developed over 250 storage projects across the U.S., totaling more than 15 million square feet, while also expanding into the marina sector. The financing reflects continued confidence in Morningstar's market position.
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Topics: private-equity refinancing self-storage