First Citizens Bank lends $160M to self-storage operator Morningstar Properties
What's the deal? First Citizens BankDealroom has a profile for this one. Try Dealroom → has provided $157 million in debt financing to Morningstar PropertiesDealroom has a profile for this one. Try Dealroom →, a self-storage and marina operator based in Charlotte, North Carolina. The bank's Middle Market Banking business led the facility, announced on September 14, 2026.
What's the money for? Morningstar will use the financing to refinance Blue Doors Storage Fund IV. The fund, sponsored by the company's private-equity affiliate Blue Doors Capital Management, invests in acquiring and developing self-storage properties across major US metropolitan and secondary markets.
Who's involved? Founded in 1981, Morningstar is a vertically integrated fund manager, developer, owner, and operator that focuses on self-storage and marina assets from Maryland to Florida to Nevada. It has developed, acquired, and operated more than 250 self-storage projects totaling over 15 million square feet.
Why now? The deal builds on a multi-year relationship between the two firms. "Their continued support provides us with the flexibility to invest in high-quality self-storage assets and capitalize on attractive opportunities as we expand our portfolio," said Wesley Carter, chief financial officer of Morningstar Properties.
Who's the lender? First Citizens is headquartered in Raleigh, North Carolina. Parent company First Citizens BancShares is a top 20 US financial institution with more than $225 billion in assets.
The signal: At $157 million, the facility sits in the upper reaches of debt deals by size, reflecting continued lender appetite for specialty real estate. "We're proud to support their long-term growth strategy," said Eric Searls, managing director of First Citizens' Middle Market Banking, framing the transaction as part of a broader push to back specialty operators.
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