JLL Capital Markets recently secured financing for the construction of Liberty Storage Center, a new self-storage facility in Jersey City spanning over 103,530 square feet. The terms of the loan were not disclosed.
The JLL team, led by senior managing directors Jon Mikula and Michael Klein and VP Ryan Carroll, worked on behalf of Tulfra Realty Company to secure the construction loan from Fulton Bank NA. Public Storage will be responsible for leasing and managing the property.
Located at 300 McGovern Dr., Liberty Storage Center is situated in southern Jersey City. Once completed, this six-story building will offer 795 climate-controlled units with an average size of 77.3 square feet each.
Mikula stated that self-storage remains a resilient asset class with high demand in recent years. This resulted in strong interest from lenders due to its location within an undersupplied market like growing Jersey City and its proximity to strong demographics surrounding the property.
