A project to add a 709-unit self-storage development along Route 206 in Hillsborough has secured construction financing.
JLL Capital Markets announced April 20 arranging the five-year construction and bridge loan for Extra Space Hillsborough on behalf of Provident Bank. The team worked for the borrower, Shadowbrook Capital. Additional terms were not disclosed.
The transaction marks the latest from JLL’s capital solutions team in the local self-storage market. It builds on funding for two other New Jersey projects announced this year — both also secured through local lenders.
In Hillsborough, the project at 35 Bedle St. offers frontage and accessibility along Route 206.
Set for completion in 2027, the single-story building will offer 76,119 rentable square feet in a temperature-controlled facility. Extra Space Storage will handle the lease-up and day-to-day operations, JLL said.
Senior Managing Director Michael Klein, Nazario Paragano and Capital Markets Analyst Michael Donohoe led the JLL Capital Markets team representing the borrower.
“Shadowbrook Capital presented a compelling opportunity by identifying a clear need for high-quality self-storage in this underserved market” said Paragano. “The combination of a premier sponsor, a strategic location … and robust market fundamentals generated significant interest from the lending community.”
Hillsborough is home to nearly 45,000 residents. World Population review puts the municipality’s growth rate at 6.67% annually. Since the most-recent 2020 Census, the local population has increased by more than 33%, according to the digital platform.
