In a move to help improve one of New Jersey’s most underserved self-storage markets, construction financing has been arranged for Extra Space Hillsborough, a 709-unit, 105,663-square-foot development in Hillsborough, Somerset County.
JLL worked on behalf of the borrower, Shadowbrook Capital, to secure the five-year construction and bridge loan through Provident Bank.
The development encompasses 8.64 acres at 35 Bedle St. with direct access and frontage on Route 206 in Hillsborough. The project benefits from the growing population in Somerset County, which had 350,000 residents as of year-end 2025.
“This market offers just 3.1 square feet of storage per capita—well below the industry benchmark,” Nazario Paragano of JLL Capital Markets said, which arranged the deal.
“Combined with outstanding local demographics and a premier location on one of Somerset County’s busiest corridors, the fundamentals supporting this opportunity are truly exceptional,” he told BINJE.
Extra Space owns several other facilities, including locations in Kearny and across the Southeast, with additional projects planned in Glen Rock, Old Bridge, Linden and other Southeast markets.
Upon its anticipated completion in 2027, the single-story, temperature-controlled facility will offer 76,119 rentable square feet and 709 units. Extra Space Storage will handle the lease-up and day-to-day operations of the property.
JLL’s Capital Markets team representing the borrower was led by Michael Klein, Michael Donohoe, and Paragano.
