PRESS RELEASE: U.S. Bank provides $52 million loan to finance the First Affiliate-Owned and operated Self-Storage REIT

DENVER – U.S. Bank announced that it provided a $52 million loan to finance the formation of National Storage Affiliates (NSA), the first affiliate-owned and operated self-storage real estate investment trust (REIT).

Affiliates Optivest Properties, Northwest Self  Storage and SecurCare Self Storage formed NSA through the contribution of 64 self storage properties in 11 states. Those contributions give NSA more than $750 million of committed asset value, making it one of the largest self storage operators in the United States.

“U.S. Bank is pleased to be a part of this innovative transaction,” said Ralph Pace, Colorado market manager for U.S. Bank Commercial Real Estate. “This portfolio includes many recognizable local and regional brands in the self-storage industry and puts NSA in a position to continue to grow.”

Arlen D. Nordhagen, owner and founder of Lone Tree-Colo.-based SecurCare Self Storage and now CEO of National Storage Affiliates, developed the idea and business model for the REIT.

“National Storage Affiliates allows our affiliate-owners to continue to operate and grow our respective contributed portfolios, while improving our financial and operational positions through the REIT,” said Nordhagen.

NSA is owned and operated by its affiliates, which will continue to manage and self-brand their contributed portfolios. The company expects to add additional affiliate operators from top metropolitan markets in the future.

Prudential Real Estate Investors debt fund and Wells Fargo also provided financing for the transaction.

About National Storage Affiliates

National Storage Affiliates is a self-administered, self-managed Maryland real estate investment trust. The Company currently owns and operates 64 self storage facilities located in 11 states with approximately 3.3 million net rentable square feet. The Company is owned by its affiliate operators, who will contribute their interests in all of their self storage assets over the next few years as current mortgage debt matures. This will make National Storage Affiliates the largest privately-owned company in the self storage sector with approximately 220 facilities, 100,000 storage units and 12.5 million rentable square feet of space located in 15 states. For more information, visit

About U.S. Bank Commercial Real Estate

U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $354 billion in assets as of December 31, 2012, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The Company operates 3,084 banking offices in 25 states and 5,065 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at