Walker & Dunlop Arranges $350 Million Facility for Centerbridge Partners and Reframe Holdings to Build Institutional Self-Storage Platform

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7:00 PM on Wednesday, March 18

The Associated Press

BETHESDA, Md.--(BUSINESS WIRE)--Mar 18, 2026--

Walker & Dunlop, Inc. announced today that it has arranged a $350 million aggregation debt facility with JPMorgan Chase Bank, N.A. for a self-storage REIT platform sponsored by a joint venture between Centerbridge Partners, L.P. and Reframe Holdings LLC.

The debt financing provides scalable and flexible capital to support the joint venture’s strategy of acquiring and aggregating over $500 million of existing Class A and institutional-quality Class B facilities in top metropolitan statistical areas (MSAs) nationwide, utilizing leading third-party property managers to drive asset-level performance and NOI growth. The financing was arranged by Aaron Appel, Jonathan Schwartz, Mo Beler, Michael Brown, Christopher de Raet, and Nicholas Gilhooley of Walker & Dunlop Capital Markets Institutional Advisory. Mo Beler and Jonathan Paine of Walker & Dunlop’s Equity and Structured Finance advised on the formation of the joint venture in late 2025.

“Self-storage valuations have reset meaningfully over the past two years, and we believe this creates a rare window to aggregate institutional-quality assets with in-place cash flow at or below replacement cost,” said Matthew Dicker, co-founder of Reframe. “This debt facility provides us with the capital to move decisively and execute our strategy. By combining Centerbridge’s institutional resources and track record in self-storage along with Reframe’s operating, acquisition and development expertise, we are building a platform where operational discipline and acquisition timing compound into long-term value.”

The facility is anchored by six seed assets owned by the joint venture, located in Milwaukee, WI; Austin, TX; Gainesville, FL; Bergenfield, NJ; Syracuse, NY; and Rochester, NY — a geographically diversified portfolio spanning Sun Belt growth markets and established, supply-constrained Northeast submarkets.

“Liquidity for high-quality and well-located self-storage assets remains strong among institutional lenders for qualified sponsors,” said Jonathan Schwartz, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “Reframe and Centerbridge’s strong sponsorship, scaled platform, and clear aggregation strategy drove significant lender demand and a highly competitive process. As new supply moderates and operating performance stabilizes, well-capitalized platforms like this are well positioned to access efficient debt capital. We are proud to arrange a facility that supports their continued growth.”

“JPMorgan's commitment reflects conviction in both our thesis and the quality of our combined sponsorship. Self-storage is a fragmented asset class where scale, operational discipline and sector-wide relationships create a meaningful edge,” said Zack Widmann, co-founder of Reframe.

In 2025, Walker & Dunlop’s Capital Markets team sourced over $22 billion from non-Agency capital providers, including over $15.9 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

About Centerbridge

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of December 31, 2025, has approximately $46 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com | LinkedIn.

About Reframe Holdings

Reframe Holdings is a Charleston, SC and Boca Raton, FL based real estate investment and management firm founded in 2024. Collectively, the principals of Reframe have transacted on over $1.8 billion of self-storage and industrial properties across 40 facilities totaling 5.1 million square feet.

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