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JERSEY CITY-Sterling Capital LLC, a subsidiary of Liberty Storage, has acquired the 14-acre site at 13 Linden Ave. East and its 161,000-sf light industrial building for an undisclosed price. The seller was a local group. The deal was facilitated by $10.5 million of financing arranged by AFC Self Storage Finance Group, a subsidiary of New York City-based boutique real estate investment bank AFC Realty Capital.

Built in 1979, the existing building will be converted into a self-storage facility. It’s situated adjacent to Liberty Storage’s existing facility, and the conversion will allow the operator to nearly double its storage capacity from 834 units to more than 1,600 units. The surrounding 14-acre site also provides space for vehicle and boat storage.

“This loan demonstrates the continuing demand for self-storage facilities in urban locations, as well as lenders’ willingness to provide the capital needed to develop and expand these properties,” says Paul Fried, president of AFC Self Storage Finance Group.

The 10-year, interest-only (first two years) loan, at a 25-year amortization, was provided by a local financial institution, according to Fried.

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