A four-story, 931-unit self-storage facility set to open near the Higgins Armory site in Worcester has received $13.3 million in financing.
Eastern Union, a commercial real estate financing firm headquartered in New Jersey, worked with an undisclosed community bank to secure a loan for the construction of the facility at 80 Barber Ave. The facility will be operated by CubeSmart, a Pennsylvania-based operator of more than 500 self-storage facilities, according to a press release issued by Eastern Union on July 24.
A self-storage facility has been proposed for the location dating back to at least 2017. Plans for the facility were resubmitted in 2022, at a time where Utah-based Extra Space Storage was expected to run the facility.
“This construction project had suffered from unacceptable delays until Eastern Union arrived on the scene,” Marc Tropp, senior managing director of Eastern Union’s Mid-Atlantic offices, said in the release. “By working quickly and efficiently, we pleased the borrower by promptly identifying a willing lender for this transaction.”
This new facility will be CubeSmart’s 15th location in Central Massachusetts; the company already operates a Worcester facility at 19 Mckeon Road.
Features at the new facility will include security gates, on-site parking and managers, and video surveillance, according to the Eastern Union press release. The property will feature 93,186 square feet of rentable space, with the average space being 100 square feet.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
