First Citizens Bank Provides $157 Million to Morningstar Properties

Funding will be used to refinance Blue Doors Storage Fund IV

RALEIGH, N.C., Sept. 14, 2026 /PRNewswire/ -- First Citizens Bank today announced that its Middle Market Banking business provided $157 million in financing to Morningstar Properties, a leading investor in and operator of self-storage facilities, marinas, and other specialty real estate assets. This financing builds on a multi-year relationship between First Citizens and Morningstar Properties.

The facility will be used to refinance Blue Doors Storage Fund IV, a vehicle sponsored by Morningstar Properties' private-equity real estate affiliate, Blue Doors Capital Management, that invests in the acquisition and development of self-storage properties in major metropolitan markets and strategic secondary markets across the U.S.

"The First Citizens' Middle Market Banking team has been a trusted financial partner and advisor as we've grown our Blue Doors platform," said Wesley Carter, CFO of Morningstar Properties. "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."

"Morningstar Properties has built one of the most respected platforms in the self-storage industry, and we're proud to support their long-term growth strategy," said Eric Searls, First Citizens' Managing Director, Middle Market Banking. "This latest transaction reflects our long-standing commitment to providing flexible capital solutions to specialty real estate operators like Morningstar."

Part of the Commercial Bank, First Citizens Middle Market Banking team delivers a range of financial solutions to midsize clients through a relationship banking model. The business offers deposit solutions, loans, treasury services and other banking products to manufacturers, distributors and a wide variety of service industries.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $225 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

About Morningstar Properties
Founded in 1981, Morningstar Properties is a vertically integrated fund manager, developer, owner and operator of specialty real estate assets. The company primarily focuses on self-storage and marina assets, across the United States from Maryland to Florida to Nevada. Since its inception forty years ago, Morningstar Storage has been consistently recognized as one of the premier private platforms in the self storage industry. Morningstar has developed, acquired and operated over 250 self-storage projects across the country, totaling in excess of 15 million square feet. A pioneer in today's expanding marina sector, Morningstar also acquires and operates marinas under the brand name Morningstar Marinas. The company is headquartered in Charlotte, NC.

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SOURCE First Citizens Bank