Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.