JLL Capital Markets on Wednesday sad it arranged a $12 million refinancing for Maxim Realty Trust’s 830-unit climate-controlled facility in Westwood.
Located at 10 Van Buren Ave., the 830-unit, climate-controlled self-storage facility was constructed in 2017 and features 783 climate-controlled units and 47 drive-up units. The 113,800-square-foot facility is 100% leased and managed by Extra Space Self Storage. The asset is located just off Old Hook Road, a four-lane, well-traveled thoroughfare densely populated with residential and commercial uses, including Hackensack Meridian Health Pascack Valley Medical Center less than a quarter-mile away.
JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Gregory Nalbandian.
The Maxim Realty Trust team was led by Gerry A Puccio, CEO and developer of 10 Van Buren Ave.
“Lakeland Bank, recognizing the strength of the asset and the sponsor, provided a competitive 10-year, fixed-rate permanent mortgage to take out the initial construction loan as the property reached stabilization,” Nalbandian stated.