10 Van Buren Ave. in Westwood — Courtesy: JLL
By Joshua Burd
The developer of an 830-unit self-storage facility in Bergen County has refinanced the property for $12 million, according to a debt placement team with JLL.
The brokerage firm represented the borrower, Maxim Realty Trust, to secure the loan in connection with the fully leased, 113,800-square-foot facility at 10 Van Buren Ave. in Westwood. Lakeland Bank provided the financing.
“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 Gregory Nalbandian, a senior managing director with JLL, who sourced the loan in conjunction with Maxim Realty Trust CEO Gerry A. Puccio.
Built in 2017, 10 Van Buren has 783 climate-controlled units and 47 drive-up units, according to a news release. Extra Space Self Storage leases and manages the facility, which sits off the four-lane, well-traveled throughfare of Old Hook Road with densely populated residential and commercial uses.
