JLL Arranges Five-Year Refinancing for The Ardent Companies' Extra Space Self-Storage Facility in South Portland, Maine

ATLANTA — JLL Capital Markets has arranged a five-year refinancing for a self-storage facility in South Portland, Maine owned by The Ardent Companies, the firm announced Sept. 3, 2026. JLL secured the loan through a regional bank on behalf of the borrower.

The property, Extra Space South Portland, is located at 193 Western Avenue, just south of Portland International Jetport with direct access to Interstate 95 and Interstate 295. The facility was completed in 2022 and is managed by Extra Space Storage Inc. (NYSE: EXR), described as the nation's largest third-party self-storage management company.

Asset Profile and Performance

The climate-controlled, multi-story facility offers indoor units ranging from 5x5 to 10x30, with elevator and ground-floor access options. Features include 24/7 access, digital surveillance, controlled access and an on-site office. Unit sizes span approximately 25 to 540 square feet, accommodating both residential and small-business customers.

The property has maintained high occupancy for 12 consecutive months, with JLL characterizing performance as consistent 90%-plus occupancy. Marketing listings for the address frequently show limited or no unit availability, consistent with a stabilized, near-full asset.

The facility serves a trade area of more than 125,000 households within a 30-minute drive. Average household incomes in the surrounding area exceed $130,000.

JLL Capital Markets Team

The JLL Capital Markets Debt Advisory team representing The Ardent Companies included Managing Director John Davis, Director Hunter Goldberg, Associate Austin Smith and Analyst Ameila O'Kieffe.

"The Extra Space South Portland facility represents an exceptional stabilized asset in one of New England's strongest and most attractive markets," said Goldberg. "With consistent 90%+ occupancy, best-in-class Extra Space management and access to an affluent, highly educated demographic base, this property demonstrates the quality fundamentals lenders are seeking in the self-storage sector."

Ardent's Broader Self-Storage Strategy

The Ardent Companies is a solutions-based real estate investment and asset management firm that combines primary market research and due diligence with long-term industry relationships. The firm's principals invest capital alongside investors, with a portfolio spanning 30 states across multiple real estate sectors.

The South Portland refinancing fits within a broader pattern of activity for Ardent in the Extra Space-managed self-storage segment. In July 2026, The Ardent Companies and StepStone Real Estate secured a $140 million loan from ACORE Capital to refinance eight Class A self-storage properties across seven Northeastern states, all managed by Extra Space Storage. That portfolio totals 7,650 units and 742,855 square feet.

Market Context

Portland and South Portland rank among the tighter self-storage markets in the United States, with the Western Avenue corridor serving residential neighborhoods, airport-oriented commercial users and small businesses. The five-year loan term and regional bank execution reflect a relationship-driven, balance-sheet approach rather than a CMBS or life company structure, consistent with lender appetite for stabilized, cash-flowing self-storage assets in supply-constrained coastal markets.

JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries.

Sources

JLL Newsroom — Refinancing Arranged for Extra Space in South Portland, Maine