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BOSTON-The Grossman Cos. Inc., a Quincy, MA-based commercial real estate development and management company, has closed on an $8.7 million loan to fund construction of a 138,373 sf self-storage facility. The financing was provided by Sovereign Bank.

According to Dana Wolfe, Grossman Cos.’ director of acquisitions and finance, the building, to be located at 150 McClellan Hwy on Route 1A, will be one of the closest of its type to Logan Airport. The project, whose total cost is $12.7 million, is scheduled to be completed in the summer of 2004.

The building will be situated on the original structure’s footprint which was occupied by various manufacturers from the 1960s until 2000. The development will consist of 1,187 self-storage units, each averaging about 95 sf. There will be drive-up and multi-story access. The business will be managed by Extra Space Inc.

Grossman owns several nearby air freight terminals, including 370 McClellan Hwy, formerly home to Air Canada.

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