JLL Capital Markets on Thursday said it arranged $19 million in construction financing for 305 Wilson Ave., a 1,332-unit self-storage development in Newark.
JLL worked on behalf of the borrower, a joint venture between CrownPoint Group and Fairfield-based Lamar Cos., to secure the construction loan through Provident Bank.
305 Wilson Ave., which formerly housed an auto salvage facility, will be a newly constructed, six-story self-storage property totaling 135,728 square feet. All of the units will be climate controlled and they will average 75.5 feet. The property also will feature two interior loading spaces and eight off-street parking spaces.
Construction is scheduled to be completed in the first half of 2025. Extra Space Storage will lease and manage the day-to-day operations of the property.
305 Wilson Ave. is located in the Ironbound District of Newark just west of Interstate 95 and north of Interstate 78 close to Newark Liberty International Airport. Approximately 76% of the housing units in Newark are renter-occupied, translating to strong demand for self-storage facilities like 305 Wilson Ave.
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,” Klein said. “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.”
