JLL Capital Markets said that it has arranged a construction loan for the development of South River Self Storage, an 854-unit self-storage facility under development in South River.
JLL worked on behalf of the developer, The CrownPoint Group, to secure the construction loan with BCB Bank. Financial terms were not disclosed.
Slated for completion in the first quarter in 2027, the South River Self Storage facility will total 105,487 square feet and offer climate-controlled units averaging 90.7 square feet each. The three-story building will also feature 15 exterior access units and 15 parking spaces. Extra Space Storage will lease-up and manage the daily operations of the property.
The 1.97-acre site was a former used car dealership at 696 Old Bridge Turnpike. The development is one mile from Interstate 95 and four miles from downtown New Brunswick. The surrounding area has more than 100,580 residents within three miles and is undersupplied in terms of storage with just 3.96 square feet of storage per person, compared with the national average of 6.32 square feet per person.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Analyst Kevin Badger.
“The self-storage industry continues to thrive, building on strong fundamentals in both public and private sectors,” said Mikula. “This opportunity generated a lot of interest given its location in an extremely undersupplied market and its prime location in Central New Jersey, just 35 minutes outside of Manhattan.”
