\nJLL Capital Markets announced today that it has arranged a $12 million refinancing for 10 Van Buren Avenue, an 830-unit, climate-controlled, self storage facility in the Northern New Jersey community of Westwood.<\/p>\n
JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank.<\/p>\n
Lakeland Bank, recognizing the strength of the asset and the sponsor, provided a competitive 10-year, fixed-rate permanent mortgage to take out the initial construction loan as the property reached stabilization.”<\/p><\/blockquote>\n
The self storage facility was constructed in 2017 and features 783 climate-controlled units and 47 drive-up units. The 113,800-square-foot facility is 100% leased and managed by Extra Space Self Storage. The asset is located just off Old Hook Rd., a four-lane, well-traveled throughfare densely populated with residential and commercial uses, including Hackensack Meridian Health Pascack Valley Medical Center less than a quarter mile away.<\/p>\n
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Gregory Nalbandian.<\/p>\n
The Maxim Realty Trust team was led by Gerry A Puccio, CEO and developer of 10 Van Buren Avenue.<\/p>\n
\u201cLakeland Bank, recognizing the strength of the asset and the sponsor, provided a competitive 10-year, fixed-rate permanent mortgage to take out the initial construction loan as the property reached stabilization,\u201d stated Nalbandian.<\/p>\n
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 \u2014 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.<\/p>\n
For more news, videos and research resources on JLL, please visit the newsroom<\/a>.<\/p>\n
About JLL<\/p>\n
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit JLL.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
JLL Capital Markets announced today that it has arranged a $12 million refinancing for 10 Van Buren Avenue, an 830-unit, climate-controlled, self storage facility in the Northern New Jersey community of Westwood. JLL worked exclusively on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank. Lakeland Bank, recognizing the strength of the asset and the sponsor, provided a competitive 10-year, fixed-rate permanent mortgage to take out the initial construction loan as the property reached stabilization.” The self storage facility was constructed in 2017…<\/p>\n","protected":false},"author":7,"featured_media":546,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2575"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=2575"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2575\/revisions"}],"predecessor-version":[{"id":2576,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2575\/revisions\/2576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/546"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=2575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=2575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=2575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}