Construction loan secured for Northern NJ self-storage development

MORRISTOWN, N.J., Apr. 20, 2026 –  JLL Capital Markets announced today that it has arranged construction financing for Extra Space Hillsborough, a 709-unit, 105,663-square-foot self-storage development to-be-built in Hillsborough, Somerset County, New Jersey.

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 is home to 350,000 residents as of year-end 2025.

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, Nazario Paragano and Michael Donohoe.

"Shadowbrook Capital presented a compelling opportunity by identifying a clear need for high-quality self-storage in this underserved market” said Paragano. “The combination of a premier sponsor, a strategic location with direct frontage on Rte 206 and robust market fundamentals generated significant interest from the lending community. We are pleased to arrange the financing with Provident Bank for this project."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com. 

Shadowbrook Capital is a real estate development and acquisition firm with a diverse portfolio of industrial, self storage and multi family properties throughout the East Coast of the United States. For more information, please visit: www.shadowbrook-capital.com