JLL Arranges Construction Loan

JLL Capital Markets arranged $19 million in construction financing through Provident Bank on behalf of the borrower, a joint venture between CrownPoint Group and Lamar Companies, for the development of a six-story, 135,728-square-foot self-storage facility in Newark, N.J. The property will offer 1,332 climate-controlled units.

Extra Space Storage will manage the property. The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula and Associate Ryan Carroll.