JLL Capital Markets has secured $32 million to refinance Storage Rentals of America, an approximately 400,000-square-foot facility in Belleville, N.J. The firm arranged the 7-year-fixed-rate, non-recourse loan on behalf of SROA Capital, through a life 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,” said Griffin Guthneck, senior vice president at JLL, in prepared remarks. “SROA Capital has proven management expertise and has created tremendous value during ownership.”
Located at 20 Mill St., the facility is alongside Freeway 21, around 12 miles from New York City’s core and 8 miles from Newark Liberty International Airport. Additionally, the area is highly populated, with roughly 675,000 people living within a 5-mile radius.
The five-building asset was built in 1937 and occupies 7.6 acres, according to Yardi Matrix data. The facility comprises climate- and non-climate-controlled units ranging from 12 to 400 square feet. The storage also features security cameras, parking and RV parking spaces and on-site management.
JLL’s Capital Markets team included Guthneck and Analyst Wes Wallace. Earlier this year, the brokerage arranged the sale of three self storage facilities located in Texas and Illinois.