JLL Secures $31.5 Million to Refinance Belleville, NJ, Self-Storage Facility
The facility, which is approximately 85% occupied, offers climate-controlled, non-climate, and parking units.
BELLEVILLE, NJ—JLL’s Capital Markets group secured $31.5 million to refinance Storage Rentals of America – Belleville, a five-building property consisting of approximately 400,000 gross square feet in Belleville, NJ.
Griffin Guthneck, senior vice president and analyst Wes Wallace led the JLL team on the financing on behalf of SROA Capital, a real estate fund affiliate of Storage Rentals of America. A life insurance company provided a 7-year fixed-rate non-recourse loan. JLL did not identify the insurance company.
“This financing was well received by the market and presented a unique opportunity for a lender to capitalize an institutional-owned self-storage asset at a relatively low leverage,” Guthneck says. “SROA Capital has proven management expertise and has created tremendous value during ownership.”
The facility, which is approximately 85% occupied, offers climate-controlled, non-climate, and parking units. Located at the intersection of Main and Mill streets in Belleville, the property benefits from two heavily traveled roadways that provide excellent exposure and customer awareness. With a population of almost 675,000 within a five-mile radius, the property also benefits from the high density of nearby homes and businesses.
The property is owned within one of SROA Capital’s current real estate funds. Since its inception in 2013, SROA Capital has expanded its portfolio to include 85 properties across Delaware, Florida, Kentucky, Ohio, South Carolina, and New Jersey.