Self-Storage Facility Self-Storage Facility. Photo by Shutterstock.

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PERTH AMBOY, NJ – Eastern Union has arranged $15.5 million infinancing for the construction of a ground-up self-storage facilityin Perth Amboy, NJ.

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The loan covers both the land acquisition and construction costsof the 1,115-unit, 130,000-square-foot building.

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Eastern Union managing director, David Merkin and underwritingdirector, Barry Dollman arranged the financing and closed thetransaction on March 30.

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On behalf of its client, Eastern Union also identified thelender, Orix USA Corporation, for the transaction. Orix USACorporation provided the non-recourse loan at 85% leverage.

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The borrower, 112 New Brunswick Properties Urban Renewal LLC,conducted the deal as Woodbridge Self-Storage.

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The facility will be operated by Utah-based REIT, Extra SpaceStorage.

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The transaction's seller was not disclosed.

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Commercial real estate finance firm, Eastern Union wasestablished in 2001 and currently employs more than 100 brokers andreal estate professionals.

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.