Colliers International has arranged $9.1 million in financing for the construction of a self storage facility in Stamford, Conn. The Colliers team secured the permanent loan with Brookline Bank on behalf of Prospectus LLC.. CubeSmart was selected to manage the property, which is slated for completion by the end of 2018.
Located at 432 Fairfield Ave., the property is near Interstate 95, approximately 10 minutes from downtown Stamford. The area is densely populated; roughly 109,000 people live within a three-mile radius, and the average household income is $78,449.
The new storage facility will comprise 906, climate-controlled units and lockers.
“We’ve been quite active in the self storage development space this cycle and have been impressed with the performance of our clients’ assets,” said Thomas Welch of Colliers Capital Markets team, in prepared remarks. “Brookline Bank recognized the quality of the Boston-based sponsor, the project plans and the national facility operator in pursuing and providing great execution for this out-of-state construction loan.”
The Colliers team of Thomas Welch, Kevin Phelan and John Poole secured the construction loan for the facility.