JLL Capital Markets announced that it arranged construction financing for Liberty Storage Center, a 103,530-square-foot, to-be-built self-storage facility in Jersey City.
JLL worked on behalf of the borrower, Tulfra Realty Company, to secure the construction loan with Fulton Bank. The property will be leased and managed by Public Storage.
Liberty Storage Center is located at 300 McGovern Dr. in the southern portion of Jersey City, the second most populous city in New Jersey. Jersey City has benefited from a nearly 30% increase in residents since the 2010 census and has a predominantly renter-oriented population, providing steady demand for self-storage space.
Upon completion, Liberty Storage Center will be a six-story building with 795 climate-controlled units averaging 77.3 square feet each. The ground floor of the building will feature 30 covered parking spaces.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Vice President Ryan Carroll.
“Self-storage continues to be one of the most resilient asset classes and has seen a surge in demand over the last few years,” Mikula. “As a result, lender interest was strong, particularly given Liberty Storage Center will benefit from the undersupply of self-storage in the growing Jersey City market and the strong demographics surrounding the property.”
