Extra Storage Locks Down $19M Loan for Ground Up Development in Newark Arranged by JLL

In a significant development for Newark's Ironbound district, a joint venture recently revealed plans to introduce a cutting-edge self-storage facility. Now, JLL Capital Markets has stepped in to secure construction financing for this promising venture. The forthcoming Extra Storage Space location is set to address the rising demand for self-storage solutions in this vibrant city.

How the financing deal came to be: JLL, a prominent player in the world of real estate and investment management, successfully arranged $19 million in financing for this 1,332-unit development, which is slated for construction at 305 Wilson Ave. in Newark. This financial arrangement was conducted on behalf of the borrower, a joint venture between CrownPoint Group and Lamar Cos., and was made possible through Provident Bank, based in Jersey City.

What’s next for this project: The timeline for this ambitious development is noteworthy, with construction projected to reach completion in the first half of 2025. Once operational, Extra Storage Space will take the reins, overseeing the day-to-day management of the facility.

The upcoming facility in numbers: The self-storage building will occupy the premises of a former auto salvage facility and will be housed in a modern six-story structure. The property, spanning 135,728 square feet, will primarily consist of climate-controlled storage units, averaging approximately 75.5 square feet each. Convenience is a key feature of this development, with two interior loading spaces and eight off-street parking spaces provided for customers.

The decision to embark on this venture is well-founded, considering the robust demand for self-storage solutions in Newark. JLL highlights that 76% of housing units in the city are renter-occupied, underscoring the need for accessible storage options that Extra Storage Space is poised to fulfill.