JLL Capital Markets announced today that it has arranged a $14.88 million construction loan for the development of a new Class A self-storage development in Montvale, Bergen County, New Jersey.
JLL worked on behalf of the borrower, a strategic venture between Claremont Development, March Development and Battery Global Advisors, to secure the 42-month, floating-rate loan with extension options through Fulton Bank.
Located at 21 Phillips Parkway, the property is currently improved with an 18,500-square-foot medical office building that will be demolished to develop the 129,889-square-foot, three-story building. The property will feature a management office, restrooms, a break room, and all units will be temperature-controlled. A Class A self-storage operator will manage the property.
The three-acre site is positioned within Bergen County, New Jersey’s most densely populated county, containing 4,113 residents per square mile. Furthermore, the facility sits within Montvale, an affluent community that is undersupplied with self-storage inventory. The property is easily accessible from the Garden State Parkway, one of the busiest toll roads in the U.S. and a crucial north-south artery throughout Northern New Jersey.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate John Cumming.
“Self-storage has proven to be a resilient asset class and is in high demand, particularly in markets where there are limited competitive sets and high barriers to entry, such as Montvale,” said Klein. “Fulton Bank quickly understood the project’s attributes and was able to provide strong loan terms that best met the borrower’s needs.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’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 recapitalisation. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Claremont Development
Claremont Development is a New Jersey-based real estate development firm specializing in ground-up multifamily, industrial, and self-storage projects. With deep in-house expertise and strong strategic partnerships, Claremont manages all aspects of the development lifecycle, including acquisition, entitlements, design, financing, and construction, to minimize risk and maximize returns. Since its formation in January 2019 following a spin-off from Claremont Construction (est. 1954), the firm has led over $2.0 billion in development projects. For more information, visit claredev.com.
About March Development
March Development helps revitalize and repurpose blighted, underused New Jersey and New York land, bringing value back to areas across the state. For more information, please visit: marchdevelops.com.
About Battery Global Advisors
Battery Global Advisors (“BGA”) provides customized wealth management solutions within an institutional family office framework. Between the families they advise and the private funds they offer, BGA manages over $ 7 Bn of assets for sophisticated investors around the world. BGA invests opportunistically in real estate and has deployed over $800M in equity capital invested across a diversified portfolio of real estate projects. For more information, please visit www.bga.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. JLL is the brand name and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Source:JLL
