Fulton Bank has extended a $14.9 million construction loan to support the development of a 989-unit climate-controlled self-storage facility in Montvale, New Jersey. The new facility will rise on a three-acre parcel located at 21 Phillips Parkway, a site currently occupied by an 18,500-square-foot office building slated for demolition.

The self-storage project is being developed by a partnership between Claremont Development, March Development, and Battery Global Advisors. According to representatives from the development team, the facility will cater to growing residential and commercial demand for modern, secure storage solutions in Northern New Jersey.

The loan was arranged by JLL’s Capital Markets team, with Jon Mikula, Michael Klein, and John Cumming brokering the deal on behalf of the development partners. The financing carries a 42-month term and a floating interest rate, providing flexibility during the construction phase.

“This type of facility fills an important gap in the area,” a source close to the development said. “It meets demand from both apartment dwellers and local businesses that need extra space for inventory or seasonal goods.”

Montvale has seen a steady increase in residential and commercial growth in recent years, bolstering demand for storage units. The project’s proximity to regional thoroughfares like the Garden State Parkway and Route 17 makes it easily accessible for customers throughout Bergen County.

The planned self-storage facility will feature modern, climate-controlled units across multiple floors, along with security systems and energy-efficient design elements. Construction is expected to begin this summer, with completion anticipated by mid-2026.

The Montvale project adds to a growing portfolio of self-storage developments across the tri-state area, as institutional and private investors seek to capitalize on a sector that has demonstrated resilience through economic cycles.

Originally reported by Rebusiness Online.