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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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