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Jersey City Self-Storage Lands Construction Financing
JLL Capital Markets recently arranged construction financing for Liberty Storage Center, a 103,530-square-foot, to-be-built self-storage facility in Jersey City. Terms of the financing were not disclosed.
A JLL team led by senior managing directors Jon Mikula and Michael Klein and VP Ryan Carroll worked on behalf of Tulfra Realty Company to secure the construction loan with Fulton Bank, NA. The property will be leased and managed by Public Storage.
Liberty Storage Center is located at 300 McGovern Dr. in the southern portion of Jersey City. Upon completion, the six-story building will include 795 climate-controlled units averaging 77.3 square feet each.
“Self-storage continues to be one of the most resilient asset classes and has seen a surge in demand over the last few years,” said Mikula. “As a result, lender interest was strong, particularly given Liberty Storage Center will benefit from the undersupply of self-storage in the growing Jersey City market and the strong demographics surrounding the property.”
- ◦Financing
