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

New York | Hamptons | Miami | Los Angeles | Las Vegas | San Francisco | San Juan | Global Social:       | Web: www.TAGMediaGroup.com (M)  212.951.0501 | (O) 212.951.0043 storageblue.com piermontbank.com

JLL arranges $58.5 milion loan for San Diego, CA multi-housing portfolio

Zane Sweet

NEWPORT BEACH, CA – JLL Capital Markets announced  it has arranged $58.5 million in financing for a recently renovated, five-property multi-housing portfolio totaling 328 workforce-oriented housing units in San Diego, California.

JLL worked exclusively on behalf of the borrower, Real Asymmetry, to arrange the 10-year, fixed-rate loan through Union Bank. 

The loan proceeds were used to refinance existing bank debt at a much lower rate, including an initial interest-only period, and provided for a very flexible prepayment structure.

The properties in the portfolio are located in and around the East San Diego submarket, which is one of the fastest growing multi-housing markets in Greater San Diego. 

The portfolio includes Asana at North Park at 3710-3810 Wabash Avenue; Pacific Cove at 4019 Oakcrest Drive; Tierra Del Rey at 3675 King Street; Tiburon at 7740 Parkway Drive; and 14^th Street at 1028 14^th Street. The portfolio’s average occupancy at closing was 96%.

The JLL Capital Markets team representing the borrower was led by Senior Director Zane Sweet.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

  

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

 About Real Asymmetry:

Chris Honeycutt 

Real Asymmetry was formed in March 2013 by Chris Honeycutt  in partnership with Constellation Realty Management to acquire and improve an eight-unit apartment building in the North Park submarket of San Diego, California. 

Since then, the company has transacted a portfolio of improved and in-progress communities of approximately 1,000 units. 

Real Asymmetry’s strategy is a simple one: Buy underperforming multifamily assets in high-demand areas at a great price and elevate them to their highest and best use through significant capital improvement.

Contact:

 Zane Sweet

JLL Senior Director  

CA Lic.: #01786030

Phone: +1 949 885 2986

Email: Zane.Sweet@am.jll.com

 Olivia Hennessey

 JLL Senior Associate

 Public Relations

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

 jll.com.

JLL arranges $17.5 million loan for New Jersey apartment development

Rendering of planned The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County, NJ

 MORRISTOWN, NJ – JLL Capital Markets announced it has arranged $17.5 million in financing for the development of The Rail @ Red Bank, a 57-unit, Class A apartment project in Red Bank, Monmouth County, New Jersey.

Jon Mikula

JLL worked on behalf of the borrower, Denholtz Properties, to secure the 30-month, floating-rate construction loan followed by a 10-year forward permanent loan through Provident Bank. 

The Rail @ Red Bank will consist of 57 luxury units along with over 6,500 square feet of retail space and a two-level, on-site parking garage with 147 spaces. 

The property will provide residents with modern amenities such as two grand amenity decks, a rooftop deck, fitness center with a yoga studio and fitness on demand, resident clubroom, bike storage room, dog wash station and game room. 

Unit features will include stainless steel appliances, engineered wood flooring in the living areas, tiled bathrooms, quartz/granite countertops, nine-foot ceilings, in-unit washers and dryers and heating/cooling systems.

The property is ideally positioned in a transit-oriented location at 116-118 Chestnut Street, which is adjacent to the Red Bank Train Station. 

In addition to train service, the property is proximate to Academy Bus service and the Seastreak Ferry from Atlantic Highlands. 

 Michael Klein

The property also offers access to major roadways, including State Route 35, the Garden State Parkway and County Route 520. Completion is expected later this year.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate Andrew Zilenziger.

“JLL is excited to have helped Denholtz Properties with this transit-oriented development,” Klein said. “Situated next door to Denholtz’s new corporate office and the NJ Transit train platform, this project is going to help transform the immediate neighborhood and anchor the area for years to come.”

“Provident recognized the untapped potential for this underutilized neighborhood,” Mikula added.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

 The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Andrew Zilenziger

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact: 

Olivia Hennessey
JLL Senior Associat
Public Relations  

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

 jll.com.