The planned Extra Space Hillsborough facility will span 105,663 square feet, bringing 709 climate-controlled units to a site at 35 Bedle St. in Hillsborough. — Rendering courtesy: JLL
By Joshua Burd
A developer has secured construction and bridge financing for a planned 709-unit self-storage facility in Somerset County, brokers with JLL announced Monday.
According to a news release, Provident Bank provided the five-year loan to Shadowbrook Capital in connection with the project at 35 Bedle St. in Hillsborough. That paves the way for what will be a single-story, 105,663-square-foot facility that will include some 76,119 rentable square feet with climate control, with completion slated for 2027.
JLL’s Michael Klein, Nazario Paragano and Michael Donohoe led the team representing the borrower. Extra Space Storage will handle lease-up and day-to-day operations of the property, which will occupy 8.64 acres with direct access to and frontage on Route 206, tapping into Somerset County’s growing population of around 350,000 residents at year-end.
Terms of the loan were not disclosed.
“Shadowbrook Capital presented a compelling opportunity by identifying a clear need for high-quality self-storage in this underserved market,” Paragano said. “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. We are pleased to arrange the financing with Provident Bank for this project.”
