First Citizens Bank provides $157M to refinance Morningstar's self-storage fund

First Citizens Bank's Middle Market Banking unit has extended $157 million in financing to Morningstar Properties to refinance its Blue Doors Storage Fund IV. This fund, managed by Morningstar's affiliate Blue Doors Capital Management, focuses on acquiring and developing self-storage properties in key U.S. metropolitan and secondary markets. The financing supports Morningstar's growth strategy in the self-storage sector, enabling investment in high-quality assets and portfolio expansion. This deal continues a long-term partnership between the two companies, highlighting First Citizens' commitment to specialty real estate financing.