A project by Claremont Development, March Development and Battery Global Advisors will bring a 989-unit self-storage facility to 21 Phillips Parkway in Montvale. — Rendering courtesy: JLL
By Joshua Burd
A joint venture has closed on a nearly $15 million construction loan for a planned 989-unit self-storage facility in Montvale, brokers with JLL announced last week.
According to the debt placement team, Fulton Bank provided the 42-month, floating-rate financing with extension options to a partnership of Claremont Development, March Development and Battery Global Advisors. The firms will use the funds to build the three-story, 129,889-square-foot building at 21 Phillips Parkway, with plans calling for a management office, restrooms, a break room and temperature-controlled units.
JLL senior managing directors Jon Mikula and Michael Klein and Associate John Cumming arranged the $14.88 million transaction.
“Self-storage has proven to be a resilient asset class and is in high demand, particularly in markets where there are limited competitive sets and high barriers to entry, such as Montvale,” Klein said. “Fulton Bank quickly understood the project’s attributes and was able to provide strong loan terms that best met the borrower’s needs.”
In a news release, JLL said the development site is currently improved with an 18,500-square-foot medical office building that the joint venture will demolish. The firm noted that the facility sits within Montvale, an affluent community that is undersupplied with self-storage inventory, and is easily accessible from the Garden State Parkway.
