Eastern Union Secures Financing for Ground-Up, Self-Storage Facility
The $15.5 million acquisition and construction loan for the 130,000-square-foot New Jersey building was provided by lender, Orix USA Corporation.
PERTH AMBOY, NJ – Eastern Union has arranged $15.5 million in financing for the construction of a ground-up self-storage facility in Perth Amboy, NJ.
The loan covers both the land acquisition and construction costs of the 1,115-unit, 130,000-square-foot building.
Eastern Union managing director, David Merkin and underwriting director, Barry Dollman arranged the financing and closed the transaction on March 30.
On behalf of its client, Eastern Union also identified the lender, Orix USA Corporation, for the transaction. Orix USA Corporation provided the non-recourse loan at 85% leverage.
The borrower, 112 New Brunswick Properties Urban Renewal LLC, conducted the deal as Woodbridge Self-Storage.
The facility will be operated by Utah-based REIT, Extra Space Storage.
The transaction’s seller was not disclosed.
Commercial real estate finance firm, Eastern Union was established in 2001 and currently employs more than 100 brokers and real estate professionals.