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Northern NJ Self-Storage Secures $12M Takeout Loan
JLL Capital Markets announced today that it has arranged a $12-million refinancing for 10 Van Buren Ave., an 830-unit, climate-controlled, self-storage facility in the Northern New Jersey community of Westwood. JLL worked on behalf of the borrower, Maxim Realty Trust, to place the 10-year, fixed-rate loan with Lakeland Bank.
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 Storage.
The JLL Capital Markets debt placement team representing the borrower was led by senior managing director Gregory Nalbandian. The Maxim Realty Trust team was led by Gerry A Puccio, CEO and developer of 10 Van Buren.
“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,” said Nalbandian.
- ◦Financing

