Progress Capital Arranges Construction Financing for Self-Storage Facility in Boonton, NJ
Kathy Anderson and Caillin Boles of Progress Capital secured a $14,000,000 construction/permanent loan for a 100,000+ SQFT industrial property undergoing a renovation into a Class A self-storage facility located in Boonton, NJ.
New Jersey has certainly seen a surge in self-storage facilities, mainly resulting from the pandemic and the urgency to store furnishings during a temporary move out of the city or for organizing their living space to work remotely. Most of the facilities are conversions and in-fill projects, positioned in the mix of both urban cities and well-off suburban towns. The opportunity is generating big gains for investors determined to capitalize on the demand.
Less than six months ago, the sponsor purchased the vacant property with a vision to convert the underutilized warehouse and manufacturing building into a climate controlled, Class A self-storage facility. Improvements include new elevators, HVAC system upgrade, rooftop solar panels for overall energy efficiency, while reducing the carbon footprint. An indoor drive through loading area, a secondary loading area at the rear of the building, parking lot usage, secure and climate-controlled units are all key elements included in the new build.
Boonton is a suburban city in northeast New Jersey, known for its wooded areas, spacious streets, excellent community parks and feature historic homes and architecture that give it a small-town charm. The property is ideally located along Route 202, a major thoroughfare and is easily accessible to Interstate 287 and the Boonton train station.
Progress Capital was established in 1990 and has closed over $40 Billion in commercial loans and $150 Million in directly funded bridge loans. As a commercial real estate mortgage advisory firm, we can advise you on any real estate investment you are considering and provide the financing advice you need to manage through the commercial real estate acquisition and/or financing process.