Holliday Fenoglio Fowler, L.P. (HFF) announces the $15.65 million construction financing for development of Hillside CubeSmart, a 1,203-unit, CubeSmart-branded self storage facility in Hillside, New Jersey.
The HFF team worked on behalf of the developer, Quinlan Development Group, to place the construction loan with Bank OZK. CubeSmart, one of the nation’s top operators of self storage facilities in the U.S., has been brought on to lease and manage the property.
Hillside CubeSmart will feature 1,162 climate-controlled and 41 non-climate-controlled drive-up units. The property is located at 591 North Union Avenue immediately off of the Garden State Parkway, which exposes the property to more than 282,000 vehicles per day. The development will be in Hillside, a community in Union County less than 15 miles from New York City with a current shortage of self storage space. More than 300,000 people living in 108,562 households live within a three-mile radius of the site.
The HFF debt placement team representing the borrower consisted of senior director Geoff Goldstein, managing director Michael Klein and senior managing director Jay Marshall.
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About Quinlan Development Group
Quinlan Development Group is a privately-held real estate investment and development company based in New York City, with a commitment to long-term ownership. Founded in 1971, the multi-generational family company has earned a reputation as one of New York City’s most well-respected developers. Quinlan Development Group has a track record of success during all market cycles and across multiple asset types. Visit quinlandev.com for more information.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).