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CubeSmart-Branded Facility Lands $15.6M Loan
HFF has placed $15.65 million in construction financing for the development of Hillside CubeSmart, a 1,203-unit, CubeSmart-branded self-storage facility in Hillside, NJ. The HFF team worked on behalf of the developer, Quinlan Development Group, to place the construction loan with Bank OZK.
The HFF debt placement team representing the borrower consisted of Senior Director Geoff Goldstein, Managing Director Michael Klein and Senior Managing Director Jay Marshall.
Hillside CubeSmart will feature 1,162 climate-controlled and 41 non-climate-controlled drive-up units. The facility will be located at 591 N. Union Ave. immediately off the Garden State Parkway, a location which exposes the property to more than 282,000 vehicles per day.
More than 300,000 people in 108,562 households live within a three-mile radius of the site, an area that has a shortage of self-storage space, according to HFF.
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