Shadowbrook to Develop New Jersey Facility
The property is set to come online next year.
Shadowbrook Capital has secured construction financing for Extra Space Hillsborough, a 76,119-rentable-square-foot self storage development in Hillsborough, N.J. The asset is set to come online in 2027.
Provident Bank issued the five-year construction and bridge loan. JLL Capital Markets arranged the deal on behalf of the borrower.
Extra Space Storage will oversee lease-up and management at the facility.
Located at 35 Bedle St., the 709-unit property will be taking shape on some 9 acres in a residential area. U.S. Route 206 is south, offering access to Somerset County. There are three other self storage facilities within a 3-mile radius, including another Extra Space property at 20 Hillsborough Road.
Senior Managing Director Michael Klein, Capital Markets Advisor Nazario Paragano and Capital Markets Analyst Michael Donohoe comprised JLL Capital Markets’ team representing the borrower.
As of March, there were 46.5 million net rentable square feet of self storage space under construction nationwide, according to the latest Yardi Matrix report. There were a total of 2,619 self storage properties in all stages of development across the U.S., accounting for 2.3 percent of existing inventory, unchanged since the start of the year.
