Valley National Bank Provides $23 Million Construction Loan for Self-Storage Property in Branchburg, NJ
Valley National Bank has provided a $23 million construction loan for a self-storage property in Branchburg, NJ, owned by Cyzner Properties and brokered by Kathy Anderson and Caillin Boles of Progress Capital.
Valley National Bank has recently closed a $23 million construction loan for a self-storage property located at 3421 US-22 in Branchburg, New Jersey. The loan was provided to Cyzner Properties, a real estate development and investment firm owned by Irv Cyzner. The transaction was brokered by Kathy Anderson and Caillin Boles of Progress Capital.
The self-storage property, with a total square footage of 133,998, is a valuable addition to Cyzner Properties’ portfolio. The facility is strategically located on US-22, a major highway in the area, providing convenient access for customers. With the increasing demand for storage space, especially in suburban areas, the property is expected to generate strong rental income.
Valley National Bank, a regional bank based in New Jersey, has been actively involved in commercial real estate lending. The bank’s decision to provide a construction loan for the self-storage property demonstrates its confidence in the project’s potential and the strength of the market.
Kathy Anderson and Caillin Boles, the brokers from Progress Capital, played a crucial role in facilitating the transaction. Their expertise in commercial real estate financing and their extensive network of lenders helped secure the favorable loan terms for Cyzner Properties. Anderson and Boles have a track record of successfully closing deals in the New Jersey market, making them trusted advisors for their clients.
The self-storage industry has experienced significant growth in recent years, driven by various factors such as urbanization, downsizing, and the rise of e-commerce. According to industry reports, the demand for self-storage space is expected to continue increasing, creating opportunities for investors and developers.
Cyzner Properties’ decision to develop a self-storage property aligns with the current market trends and presents a promising investment opportunity. With the support of Valley National Bank’s construction loan, the project is well-positioned for success. The loan amount of $23 million provides the necessary capital for the development and construction of the facility.
In conclusion, Valley National Bank’s $23 million construction loan for Cyzner Properties’ self-storage property in Branchburg, NJ, highlights the bank’s commitment to supporting commercial real estate projects and the potential of the self-storage industry. The transaction, brokered by Kathy Anderson and Caillin Boles of Progress Capital, showcases the expertise and network of these professionals in securing favorable financing terms for their clients. As the demand for self-storage space continues to grow, investments in this sector present attractive opportunities for developers and investors alike.