Construction loan secured for Jersey City self-storage development
JLL Capital Markets led the financing efforts for Liberty Storage Center, which will offer 103,530 SF of storage space in a supply constrained market
MORRISTOWN, N.J., Jan. 7, 2025 – JLL Capital Markets announced today that it has arranged construction financing for Liberty Storage Center, a 103,530-square-foot, to-be-built self-storage facility in Jersey City, New Jersey.
JLL worked on behalf of the borrower, Tulfra Realty Company, to secure the construction loan with Fulton Bank, NA. The property will be leased and managed by Public Storage.
Liberty Storage Center is located at 300 McGovern Dr. in the southern portion of Jersey City, the second most populous city in New Jersey. Jersey City has benefited from a nearly 30% increase in residents since the 2010 census and has a predominantly renter-oriented population, providing steady demand for self-storage space.
Upon completion, Liberty Storage Center will be a six-story building with 795 climate-controlled units averaging 77.3 square feet each. The ground floor of the building will feature 30 covered parking spaces.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Vice President Ryan Carroll.
“Self-storage continues to be one of the most resilient asset classes and has seen a surge in demand over the last few years,” said Mikula. “As a result, lender interest was strong, particularly given Liberty Storage Center will benefit from the undersupply of self-storage in the growing Jersey City market and the strong demographics surrounding the property.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tulfra Realty Company
Tulfra Realty is a dynamic redevelopment company that specializes in revitalizing neglected and underperforming sites. With expertise in residential, self-storage, retail, and industrial projects, they work closely with lenders and local government bodies to unlock the full potential of these properties. Tulfra is renowned for its ability to maximize value, enhance the aesthetic appeal of communities, and successfully deliver transformative developments that benefit both investors and the surrounding area.