Done Deals: Piermont Bank’s $6 million Financing Kicks Off StorageBlue’s Fifth Location in Garfield, NJ

Friday, April 10, 2020

Piermont Bank’s $6 million Financing Kicks Off StorageBlue’s Fifth Location in Garfield, NJ

StorageBlue,170 River Drive, Garfield, NJ 07026.

New York, NY, and Garfield, NJ -- StorageBlue, New Jersey’s most consumer-centric and self-proclaimed lowest-priced self-storage brand continues their New Jersey expansion efforts with the grand opening of their Garfield location at 170 River Drive, Garfield, NJ 07026.

Rob Rynarzewski

The project. The $6M project was financed by New York’s Piermont Bank and the location is now officially celebrating its grand opening.

The deal, designed to ensure the long-term success of the project, was spearheaded by Piermont Bank.

Says Rob Rynarzewski, Head of Commercial Real Estate, Piermont Bank:

“Piermont was able to work with Alan (Mruvka) at StorageBlue to creatively structure an interest-only loan that would give him the time needed to lease-up his newest facility in Garfield.

"This is another example of how the Piermont team is able to think outside of the box for our clients. We also believe it is about building a long-term relationship that will support each other’s growth.”

Piermont Bank opened in 2019 with a mission to reinvent how banking works.

With an entrepreneurial culture, where decisions are made quickly, consistently, and diligently, they offer clients the peace of mind with our certainty in strong execution and quick turnaround.

Their fully digitized process turns around loans in half the time business owners typically experience. Piermont provides business owners with common sense, yet tailored banking solutions, with nothing off-the-shelf.

They are willing to look at deals that are unique and challenge ourselves to come up with creative and relevant solutions.

Alan Mruvka

Previously a macaroni factory, the now state of the art 60,000+ square foot self-storage facility features 650 units with sizes ranging from small to x-large.

The heated location features outdoor drive-up units, 24/7 surveillance, keypad access, superior lighting, free curbside pickup, accepts deliveries, offers online and auto-pay, doesn’t require a security deposit, offers U-Haul truck rental and more.

StorageBlue Founder and CEO Alan Mruvka added:

“We are thrilled to work with Piermont Bank to create a deal that realizes the economics of launching new facilities.

"What we have been able to do together ensures that StorageBlue can serve new communities while continuing to provide our customers with the redefined self-storage experience they’ve come to expect.

"We look forward to StorageBlue’s continued expansion with Piermont as a partner.”

StorageBlue was founded by E! Entertainment Founder and former CEO Alan Mruvka. Mruvka’s mission is to leverage his extensive pop culture and entertainment experience into StorageBlue’s mission, culture and growth.

CONTACT:

Daniel E. Chartock | Partner and Co-Creator