Peabody, Massachusetts, September 12, 2025
News Summary
A Peabody developer secured a $13.9 million construction loan from a Massachusetts regional bank to build a six‑story, 136,410 sq ft climate‑controlled self storage facility at the high‑visibility Route 1 and I‑95 interchange. The project, arranged by a Peabody‑based capital advisory firm, will be managed by a national operator upon completion and aims to serve household and small business demand across the North Shore and Greater Boston corridor. Construction is planned through 2025 with an anticipated opening in early 2026, subject to permitting and supply‑chain timelines.
Larew Doyle Secures $13.9M Construction Loan for Six-Story, 136,410 s/f Climate-Controlled Self‑Storage at Route 1 & I‑95 in Peabody, Mass.
A Peabody-based capital advisory firm arranged $13.9 million in construction financing to build a six‑story, 136,410 square‑foot climate‑controlled self‑storage facility at the high‑visibility intersection of Route 1 and I‑95 in Peabody, Massachusetts. The loan was provided by a Massachusetts‑based regional bank and is structured to support construction through delivery, with competitive terms and flexibility noted in lender selection.
Project basics and timeline
The project site sits on one of the North Shore’s most active growth corridors and will deliver a modern, secure, climate‑regulated storage option designed to serve rising demand across the Greater Boston suburbs. The developer, based in Revere, has assembled a local project team to execute construction. Management of the completed facility will be handled by Public Storage (PSA), one of the nation’s largest self‑storage operators. The project is scheduled to open in early 2026.
Financing details and market signal
The construction financing highlights continued lender confidence in the region’s self‑storage market. The regional bank provided terms that combine execution certainty with flexibility for construction needs. Industry participants view such debt packages as a sign that capital providers remain active in storage, especially for Class A, climate‑controlled product in high‑growth suburban markets.
Why the location matters
The intersection of Route 1 and I‑95 is a major corridor for retail, residential growth and commuter traffic on the North Shore. Developers target this type of site for storage projects because visibility, highway access and dense nearby population centers help drive demand for both household and business storage solutions. The site’s proximity to Boston (within commutable distance) increases draw from both local and regional users.
Operator and developer roles
A Revere‑based developer has coordinated design and permitting work and has established a team to move construction forward. Once finished, the asset will be operated by Public Storage, which will bring national operating systems and leasing platforms to the local property. The combination of a local developer and a national operator is a common structure for institutional‑grade storage projects that seek stabilized cash flow and scalable operations.
Broader capital market context
The construction loan adds to several notable capital moves within industrial and storage sectors in recent months. Institutional and regional lenders continue to back outdoor industrial and storage platforms, while capital markets groups have been placing large acquisition and portfolio financing facilities for storage and industrial outdoor storage portfolios. Those transactions underscore continued investor and lender appetite for assets that serve e‑commerce, logistics and last‑mile distribution, as well as traditional self‑storage users.
Firm background
The arranging firm is a commercial real estate capital advisory headquartered in Peabody with offices across New York, Connecticut, Rhode Island and Florida. The firm’s team brings experience across institutional finance, acquisitions, leasing and brokerage sales, which supports its role in structuring construction and permanent debt for regional development projects.
Local market activity and recent transactions
The Peabody market has seen recent trading activity, including nearby acquisitions of existing Class A storage assets. Some regional transactions included financing and construction loans in recent years and continued activity in 2024–2025 indicates an active local market. Market metrics show multiple storage properties trading and available inventory in and around the Boston metro, reinforcing demand for new, modern storage facilities.
What to expect next
Construction will proceed under standard municipal permitting and inspection processes. With financing in place and a management agreement secured for the operating phase, the project is positioned to meet its early‑2026 opening target, assuming typical construction and regulatory timelines. The delivered facility will add institutional‑grade, climate‑controlled capacity to a busy North Shore corridor.
Frequently Asked Questions
What is being financed?
Construction financing covers a six‑story, 136,410 square‑foot climate‑controlled self‑storage facility at the Route 1 and I‑95 intersection in Peabody, Massachusetts.
How much is the loan?
The construction loan amount is $13.9 million, provided by a Massachusetts‑based regional bank.
Who arranged the financing?
A Peabody‑based commercial real estate capital advisory firm arranged the financing and worked with the regional bank to structure the loan.
Who will operate the facility?
The operating agreement assigns management to Public Storage, a national self‑storage operator.
When will the facility open?
The project is scheduled to open in early 2026, pending typical construction and permitting schedules.
Why is this project being built at Route 1 and I‑95?
The site offers high visibility, highway access and proximity to growing residential and commercial activity—factors that typically support strong demand for climate‑controlled storage in suburban markets.
Key Project Features
| Feature | Detail |
|---|---|
| Loan amount | $13.9 million |
| Location | Route 1 & I‑95, Peabody, Massachusetts |
| Building size | 136,410 square feet |
| Stories | Six |
| Unit type | Secure, climate‑controlled units |
| Operator | Public Storage (management upon completion) |
| Projected opening | Early 2026 |
| Financing partner | Massachusetts‑based regional bank |
| Arranging firm | Peabody‑based commercial real estate capital advisory firm with regional offices |
Deeper Dive: News & Info About This Topic
Additional Resources
- NEREJ: Larew‑Doyle Arranges $13.9M Construction Financing
- Wikipedia: Self‑storage
- Multi-Housing News: Public Storage Pays $19M for Boston‑Area Asset
- Google Search: Public Storage Boston $19M
- JLL: Arranges $231M Financing for Industrial Outdoor Storage Portfolio
- Google Scholar: Industrial Outdoor Storage Financing
- Boston Real Estate Times: $250M Acquisition Facility for Self‑Storage Equity Fund
- Encyclopedia Britannica: Self‑storage (search)
- Inside Self‑Storage: Development & Zoning Activity — August 2024
- Google News: Peabody Self‑Storage Route 1 I‑95
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