JLL Capital Markets has arranged construction financing for Extra Space Hillsborough, a planned self-storage facility in Hillsborough, Somerset County, NJ. The project will deliver 709 storage units across 105,663 square feet at 35 Bedle St., with the development positioned as a response to limited self-storage options in the surrounding area.
The borrower, Shadowbrook Capital, engaged a JLL Capital Markets team comprising Michael Klein, Nazario Paragano and Michael Donohoe to secure the loan. JLL placed a five-year construction and bridge facility with Provident Bank, providing a single financing package that is expected to carry the project through development and initial stabilization. Specific loan proceeds, pricing and other terms were not disclosed.
According to JLL, the opportunity attracted strong attention from lenders, supported by what the advisory team described as a clear gap in available self-storage space in the immediate Hillsborough submarket. The site offers frontage along Route 206, a key local corridor, which is cited as a strategic advantage for visibility and access.
The project is expected to serve a growing demographic base. Somerset County reported a population of approximately 350,000 residents as of year-end 2025, and the new facility is framed as meeting incremental storage demand generated by that expanding population. The financing enables Shadowbrook Capital to move ahead with ground-up development to capture this demand.
Completion of Extra Space Hillsborough is anticipated in 2027. Upon delivery, Extra Space Storage will oversee lease-up and manage the day-to-day operations of the facility. The involvement of an established national brand on the operations side is intended to support tenant absorption and ongoing performance once the building opens.
While financial specifics of the construction and bridge loan remain confidential, the transaction highlights continuing lender engagement with self-storage development in markets that are viewed as underserved. The combination of an experienced sponsor, a branded third-party operator and a location along a primary thoroughfare helped support the financing execution for this Hillsborough project.
