JLL Arranges $20M Bridge Loan for Converted 1914 Port Authority Warehouse

JLL Capital Markets has arranged $20.3 million in bridge financing for Pier 40 CubeSmart, a recently completed Class A self-storage facility in Philadelphia’s South Philadelphia waterfront district.

JLL represented borrower PrimeSpace Capital in securing the floating-rate construction take-out loan from Grant Street Funding. The three-year loan includes two one-year extension options and will provide capital as the property continues its lease-up and stabilization. The facility is managed by CubeSmart, one of the nation’s largest publicly traded self-storage operators.

Located at 841 South Christopher Columbus Boulevard, the property occupies a 5.48-acre site along a major commercial thoroughfare that carries more than 43,000 vehicles daily. The 173,486-gross-square-foot building contains 118,280 rentable square feet across 1,486 fully climate-controlled units.

“Pier 40 represents exactly the type of opportunity we look for at PrimeSpace: taking an underutilized property with significant potential and transforming it into a high-quality self-storage asset,” said Israel Friedman, managing director at PrimeSpace Capital.

Originally constructed in 1914 as a Philadelphia Port Authority warehouse, the two-story, Beaux-Arts-inspired building underwent a comprehensive adaptive reuse redevelopment after PrimeSpace Capital took control of the project in 2023. The redevelopment transformed the historic waterfront property into a modern self-storage facility while preserving elements of the original structure.

Amenities include 24-hour video surveillance, keypad-controlled access gates, well-lit areas, on-site resident managers and ground-level and second-floor access. The facility also features wide aisles to accommodate moving carts and dollies.

The property has recorded strong leasing activity under CubeSmart’s management, with more than 75,000 square feet leased since Phase 2 opened in February 2025.

Its location provides access to the Philadelphia metropolitan area and Southern New Jersey. The facility is less than half a mile from Interstate 95 and just over one mile from the I-95/I-76 interchange, which connects to the Walt Whitman Bridge and New Jersey. Downtown Philadelphia is approximately three miles away via the Benjamin Franklin Bridge, while Philadelphia International Airport is seven miles from the property.

The financing comes as investors continue to pursue self-storage assets in urban markets, where demand is supported by household formation, downsizing and residential mobility. The sector’s relatively low capital expenditure requirements and ability to adjust rents over time have also contributed to its appeal among commercial real estate investors.

JLL Capital Markets provides debt and equity advisory, investment sales, loan sales, mergers and acquisitions, and other capital solutions for real estate investors and occupiers. The platform has more than 3,000 specialists worldwide, with offices in nearly 50 countries.