JLL Capital Markets, provider of capital solutions for real estate investors and occupiers, said Thursday that it has arranged a $14.88 million construction loan for the development of a Class A, 989-unit self-storage facility in Montvale.
The 3-acre property is at 21 Philips Parkway. There is an 18,500-square-foot medical office building at the site that will be leveled to develop the 129,889-square-foot, three-story structure. The property will feature a management office, restrooms, a breakroom, and all units will be temperature controlled. A Class A self-storage operator will manage the property.
Montvale is a favored location because of its proximity to I-287 and the Garden State Parkway. It is an affluent town and considered to be under-supplied with self-storage inventory. Montvale is in Bergen County, New Jersey’s most populous county.
Self-storage space has grown to more than 2 billion square feet in the United States in 2025, according to self-store data provider Storage Cafe. Over the last five years, 286.3 million square feet of storage space was built. One third of Americans use self-storage currently, with another 18% planning to rent space in the future.
“Self-storage has proven to be a resilient asset class and is in high demand, particularly in markets where there are limited competitive sets and high barriers to entry, such as Montvale,” said JLL Managing Director Michael Klein.
JLL arranged the loan on behalf of the borrower, a strategic venture of Claremont Development, March Development, and Battery Global Advisors. It is a 42-month, floating-rate loan with extension options through Fulton Bank. Klein, Senior Managing Director Jon Mikula and Associate John Cumming represented the borrower.
