JLL Arranges $31.5M Loan for Refinancing of Self-Storage Facility in Belleville, New Jersey
BELLEVILLE, N.J. — JLL has arranged a $31.5 million loan for the refinancing of Storage Rentals of America, a self-storage facility located in Belleville, located due north of Newark. The facility, which was approximately 85 percent occupied at the time of sale, comprises 2,064 units totaling approximately 400,000 gross square feet. The property also houses 83,464 square feet of light industrial space. Griffin Guthneck and Wes Wallace of JLL arranged the nonrecourse loan, which includes a seven-year term and a fixed interest rate, through an undisclosed life insurance company. The borrower is Florida-based SROA Capital.