CrownPoint, Lamar JV secures $19M construction loan for self-storage facility in N.J.
A joint venture between CrownPoint Group and Lamar Cos. announced that it secured $19 million in construction financing for 305 Wilson Ave., a 1,332-unit self-storage development in Newark, N.J.
JLL worked on behalf of the borrower to secure the construction loan through Provident Bank.
305 Wilson Ave., which formerly housed an auto salvage facility, will be a newly constructed, six-story self-storage property totaling 135,728 square feet. All the units will be climate controlled, and they will average 75.5 square feet. The property also will feature two interior loading spaces and eight off-street parking spaces. Construction is scheduled to be completed in first half 2025. Extra Space Self Storage will lease and manage the day-to-day operations of the property.
305 Wilson Ave. is in the Ironbound District of Newark west of Interstate 95 and north of Interstate 78 close to the Newark Liberty International Airport. Approximately 76 percent of the housing units i