New Jersey Storage Project Receives $16M Construction Loan
- May 08, 2020
Poverni Sheikh Group, doing business as Woodbridge Self Storage, has landed a construction loan for the development of a 130,000-square-foot self storage property in Perth Amboy, N.J. The $15.8 million note is set to mature in 2024, according to public records. Managing Director David Merkin and Director Barry Dollman negotiated on behalf of the borrower to secure the non-recourse mortgage from ORIX USA Corp.
The developer acquired the 2-acre land parcel for $1.3 million from a private investor, public records show. The loan covers 85 percent of both land purchase and development costs. Once fully developed, the new facility will encompass 1,115 units. Extra Space Storage will be in charge of property management. Located at 112 New Brunswick Ave., the property will be close to the Garden State Parkway, which provides access to the New Jersey Turnpike. Additionally, the site is 3 miles south of downtown Woodbridge.
In April, ORIX provided 1784 Capital Holdings with a $14.5 million construction loan for a self storage facility in Scottsdale, Ariz. The 86,300-square-foot property will feature 932 units.