JLL Arranges Financing for Self-Storage in Underserved NJ Submarket

 JLL Capital Markets arranged construction financing for Extra Space Hillsborough, a 709-unit, 105,663-square-foot self-storage development to be built at 35 Bedle St. in Hillsborough, Somerset County, NJ. A JLL team of Michael Klein, Nazario Paragano and Michael Donohoe worked on behalf of the borrower, Shadowbrook Capital, to secure the five-year construction and bridge loan through Provident Bank. Terms were not disclosed.

“Shadowbrook Capital presented a compelling opportunity by identifying a clear need for high-quality self-storage in this underserved market,” said Paragano. “The combination of a premier sponsor, a strategic location with direct frontage on Route 206 and robust market fundamentals generated significant interest from the lending community.”

The project benefits from the growing population in Somerset County, which is home to 350,000 residents as of year-end 2025. Completion is anticipated for 2027. Extra Space Storage will handle the lease-up and day-to-day operations.

Inside The Story

JLL's Paragano

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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