3421 Route 22 in Branchburg — Courtesy: Progress Capital
By Joshua Burd
A developer has landed a $23 million construction loan for a planned 1,000-unit self-storage facility in Branchburg, in a deal arranged by Progress Capital.
According to the debt placement team, the project by Irv Cyzner of Cyzner Properties will bring three two-story buildings to a site at 3421 Route 22. Plans also call for a covered boat and RV storage area, a vault holding 2,000 safety deposit boxes for storing valuables and a 4,000-square-foot wine storage cave designed for restaurants and caterers, while the property has additional acreage for the future development of 160 apartments.
Progress Capital’s Kathy Anderson and Caillin Boles sourced the construction loan, with Valley National Bank providing the three-year, interest-only financing with a permanent conversion option.