JLL’s Capital Markets experts today announced the firm has secured $31.5 million to refinance Storage Rentals of America – Belleville, a five-building property consisting of approximately 400,000 gross square feet in Belleville, New Jersey.
Senior Vice President Griffin Guthneck and Analyst Wes Wallace led the JLL team on the financing on behalf of SROA Capital. An undisclosed life insurance company provided a 7-year fixed-rate non-recourse loan.
“This financing was well received by the market and presented a unique opportunity for a lender to capitalize an institutional-owned self-storage asset at a relatively low leverage,” Guthneck said. “SROA Capital has proven management expertise and has created tremendous value during ownership.”
The facility, which is approximately 85% occupied, offers climate-controlled, non-climate, and parking units. Located at the intersection of Main and Mill streets in Belleville, the property benefits from two heavily traveled roadways that provide excellent exposure and customer awareness. With a population of almost 675,000 within a five-mile radius, the property also benefits from the high density of nearby homes and businesses.
The property is owned within one of SROA Capital’s current real estate funds. In addition, SROA is currently out to market with SROA Capital Fund VII, LP which is scheduled to close this quarter. Since its inception in 2013, SROA Capital has expanded its portfolio to include 85 properties across Delaware, Florida, Kentucky, Ohio, South Carolina, and New Jersey. Learn more at www.SROAcapital.com.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2018 alone, the firm’s 2,400 Capital Markets specialists completed nearly $180 billion in investment sale and debt and equity transactions globally.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
