In September, a joint venture announced it would bring a new self-storage facility to Newark’s Ironbound. Last week, JLL Capital Markets said it secured construction financing for the forthcoming Extra Storage Space location.
JLL arranged $19 million for the 1,332-unit development coming to 305 Wilson Ave. in Newark on behalf of the borrower, a JV of CrownPoint Group and Lamar Cos., through Jersey City-based Provident Bank.
Construction is scheduled for completion in the first half of 2025, JLL said. Extra Storage Space will lease and manage day-to-day operations.
A former auto salvage facility, the new six-story structure will total 135,728 square feet and offer climate controlled units that average 75.5 feet. The property will include two interior loading spaces and eight off-street parking spaces.
Demand for self-storage in the city is strong, where 76% of housing units are renter-occupied, according to JLL.
You can learn more about the project here, in our past coverage.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Associate Ryan Carroll.
“JLL is pleased to have worked on CrownPoint and Lamar’s behalf to secure financing for this ground up development,” said Klein. “The market for construction financing currently has its challenges but can be obtained for well-located self-storage projects being managed by top tier operators and experienced developers.”
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Author: Jessica Perry