BOSTON, March 30, 2018 - Colliers International announced today that its Boston-based Capital Markets team arranged the acquisition and construction financing for a self storage facility on behalf of Prospectus LLC. Located at 432 Fairfield Avenue in Stamford, Connecticut, the state-of-the-art facility will contain 906 climate-controlled storage units and storage lockers. The Colliers team of Thomas Welch, Kevin Phelan and John Poole secured the $9.1 million construction to permanent loan with Brookline Bank.
Prospectus has engaged CubeSmart, the industry-leading third-party self-storage management company that currently manages 23 million square feet of storage space over 356 properties across the U.S, to manage the facility. Construction is scheduled to complete in the fourth quarter 2018.
"We've been quite active in the self-storage development space this cycle and have been impressed with the performance of our clients' assets," said Welch. "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."
About Colliers International Group:
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.
For further information, please contact:Jen Weber
InkHouse for Colliers International, Boston