JLL Arranges $19M Construction Loan For 1,332-Unit Self-Storage Development In Newark, NJ

A construction financing of $19 million has been arranged by JLL Capital Markets for a 1,332-unit self-storage development at 305 Wilson Avenue in Newark, New Jersey. The development, managed by Extra Space Self Storage, is set to be completed in the first half of 2025 and is supported by CrownPoint Group and Lamar Companies. The funding for the project has been secured through Provident Bank.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $19,000,000
• Address: 305 Wilson Avenue
• Market: Newark
• Asset Square Footage: 135,728 SF
• Lender: Provident Bank
• Landlord: CrownPoint Group - Michael Legacki; Lamar Companies - Peter Kalkus
• Brokers: Jon Mikula, Michael Klein & Ryan Carroll - JLL
• Loan Type: Construction Loan

This financing deal involves key individuals and companies. The lenders involved in this transaction are Provident Bank who provided the construction financing of $19 million. The landlord of the development site is CrownPoint Group represented by Michael Legacki and Lamar Companies represented by Peter Kalkus. The brokers responsible for this deal are Jon Mikula, Michael Klein, and Ryan Carroll from JLL.