$20.3M bridge financing arranges for CubeSmart-managed self-storage facility in Philadelphia

• JLL Capital Markets arranged $20.3 million in bridge financing for PrimeSpace Capital's Pier 40 CubeSmart self-storage facility in Philadelphia

• Grant Street Funding provided the floating-rate construction take-out loan

• The 173,486-gross-square-foot facility features 118,280 rentable square feet across 1,486 fully climate-controlled units

PHILADELPHIA, Oct. 19, 2026 –  JLL Capital Markets announced today that it has arranged $20.3 million in bridge financing for Pier 40 CubeSmart, a 118,280-rentable-square-foot, Class A self-storage facility in Philadelphia's South Philadelphia waterfront district.

JLL worked on behalf of the borrower, PrimeSpace Capital, to secure construction take-out financing with Grant Street Funding. The three-year bridge loan includes two one-year extension options and provides flexible capital to complete lease-up and stabilization of the recently delivered facility, which is professionally managed by CubeSmart (NYSE: CUBE; S&P: BBB), one of the nation's largest publicly traded self-storage operators.

“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.

Built in 1914 as a Philadelphia Port Authority warehouse, the two-story Beaux-Arts inspired building occupies a 5.48-acre site located at 841 South Christopher Columbus Blvd., a major commercial thoroughfare carrying over 43,000 vehicles daily. After more than a century of port-related use, PrimeSpace Capital took control over the project in 2023 and executed a comprehensive adaptive reuse redevelopment, transforming the historic waterfront property into a modern Class A self-storage facility while preserving the historical elements and character of the original building.

The completed facility features 1,486 fully climate-controlled storage units with an average size of 80 square feet. The property includes state-of-the-art security systems with 24/7 video surveillance, keypad-controlled access gates, well-lit facilities, on-site resident managers and convenient ground-level and second-floor access with wide aisles for moving carts and dollies. Pier 40 CubeSmart has demonstrated exceptional lease-up momentum under CubeSmart's professional management, leasing up over 75,000 square feet since the opening of Phase 2 in February 2025.

The property's strategic location on South Christopher Columbus Blvd. provides exceptional connectivity throughout the Philadelphia metropolitan area and Southern New Jersey. The facility is positioned less than half a mile from Interstate 95, the principal north-south corridor on the East Coast, and just over one mile from the I-95/I-76 interchange providing access to Walt Whitman Bridge and New Jersey. The location is three miles from downtown Philadelphia via the Benjamin Franklin Bridge and seven miles from Philadelphia International Airport.

Self-storage demand drivers remain robust in urban markets like Philadelphia, supported by demographic trends, including baby boomer downsizing, millennial household formation and sustained residential mobility. The sector has proven remarkably resilient through economic cycles, with occupancy rates and rental growth remaining stable even during recessionary periods. Institutional investor interest in self-storage has intensified in recent years, recognizing the asset class's low capital expenditure requirements, inflation-resistant rent structures, and superior risk-adjusted returns relative to other commercial real estate sectors.

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 112,000 as of June 30, 2026. 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. 

PrimeSpace Capital delivers comprehensive investment execution across the full lifecycle — from sourcing and underwriting through construction, lease-up, and long-term asset management — focused on the acquisition, development, and management of self-storage properties across major U.S. markets. Leveraging a disciplined, data driven approach and deep industry expertise, the firm repositions underutilized and distressed assets into high-performing investments.