MORRISTOWN, N.J., Oct. 18, 2023 - JLL Capital Markets announced that it has arranged $19 million in construction financing for 305 Wilson Avenue, a 1,332-unit self-storage development in Newark, New Jersey.
JLL worked on behalf of the borrower, a joint venture between CrownPoint Group and Lamar Companies, to secure the construction loan through Provident Bank.
305 Wilson Avenue, which formerly housed an auto salvage facility, will be a newly constructed, six-story self-storage property totalling 135,728 square feet. All of the units will be climate controlled and they will average 75.5 feet. The property will also 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 Self 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 the 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 Avenue.
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," said Klein. "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."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 18 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2023 19:20:50 UTC.
