Sunday, October 14, 2018

HFF announces $15.65 million construction financing for self storage facility near New York City


Rendering of planned Hillside CubeSmart self storage facility,
501 North Union Avenue, Hillside, NJ

Geoff Goldstein
NEW YORK, NY –– Holliday Fenoglio Fowler, L.P. (HFF) announces the $15.65 million construction financing for the 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. 

Michael Klein
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.

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. 

Jay Marshall


CONTACTS:

GEOFF GOLDSTEIN
HFF Senior Director
(212) 245-2425

MICHAEL KLEIN
NJ Lic. #0897008
HFF Managing Director
(973) 549-2000

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420

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