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September 16, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Colliers lands $9.1M in financing for Stamford self-storage facility

Colliers International has arranged $9.1 million in financing on behalf of Prospectus LLC for the construction of a self-storage facility in Stamford.

The building at 432 Fairfield Ave. will contain 906 climate-controlled units and lockers. Construction is scheduled to be completed in the fourth quarter of this year.

CubeSmart, the self-storage management company that manages 23 million square feet of storage space over 356 properties across the U.S., will manage the facility. The Colliers team of Thomas Welch, Kevin Phelan and John Poole secured the permanent construction loan from Brookline Bank in Brookline, Massachusetts.

“We’ve been quite active in the self-storage development space this cycle and have been impressed with the performance of our clients’ assets,” Welch said. “Brookline Bank recognized the quality of the Boston-based sponsor, the project plans and the national facility operator in pursuing and providing great execution for this out-of-state construction loan.”