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A project to add a 709-unit self-storage development along Route 206 in Hillsborough has secured construction financing.<\/span><\/span><\/span><\/p>\n 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.<\/span><\/span><\/span><\/p>\n The transaction marks the latest from JLL\u2019s capital solutions team in the local self-storage market. It builds on funding for two other New Jersey projects announced this year \u2014 both also secured through local lenders.<\/span><\/span><\/span><\/p>\n In Hillsborough, the project at 35 Bedle St. offers frontage and accessibility along Route 206.<\/span><\/span><\/span><\/p>\n 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.<\/span><\/span><\/span><\/p>\n Senior Managing Director Michael Klein, Nazario Paragano and Capital Markets Analyst Michael Donohoe led the JLL Capital Markets team representing the borrower.<\/span><\/span><\/span><\/p>\n \u201cShadowbrook Capital presented a compelling opportunity by identifying a clear need for high-quality self-storage in this underserved market\u201d said Paragano. \u201cThe combination of a premier sponsor, a strategic location \u2026 and robust market fundamentals generated significant interest from the lending community.\u201d<\/span><\/span><\/span><\/p>\n Hillsborough is home to nearly 45,000 residents. World Population review puts the municipality\u2019s 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.<\/span><\/span><\/span><\/p>\n