Rendering of proposed six‑story climate‑controlled self storage facility at the Route 1 and I‑95 interchange in Peabody, MA.
Peabody, Massachusetts, September 12, 2025
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.
A local capital advisory firm arranged $13.9 million in construction financing for a new self‑storage building at the high‑visibility intersection of Route 1 and I‑95 in Peabody, Massachusetts. The project will be a six‑story, 136,410 square‑foot facility with secure, climate‑controlled units and is scheduled to open in early 2026.
The construction loan was provided by a Massachusetts‑based regional bank that offered competitive terms and a flexible structure to support construction. The financing was arranged locally by a Peabody‑based commercial real estate capital advisory firm. A Revere‑based developer assembled the project team, and once complete the property will be managed by Public Storage, a national self‑storage operator.
The Route 1 / I‑95 interchange is one of the North Shore’s busiest growth corridors. The site’s proximity to major highways and to the Greater Boston labor and customer base positions the facility to meet rising demand for modern storage options in suburban markets. The project’s location was highlighted as an important factor in securing lender support.
The planned building will offer multiple floors of climate‑controlled units designed for household and business storage needs. The size and design respond to expanding demand across the Greater Boston area for secure, accessible storage that protects stored goods from temperature and humidity swings. Management by a large national operator aims to bring standardized operations and customer access systems to the site.
Lender participation in this project was described as another sign of continuing confidence in the region’s self‑storage sector. Recent activity in the broader industrial and storage capital markets includes large facility and portfolio financings placed by national advisory groups and regional lenders. Those deals reflect broad institutional appetite for storage and outdoor industrial assets that serve logistics and last‑mile needs.
The arranging firm maintains offices across multiple states and brings experience in institutional finance, acquisitions, leasing and brokerage sales. Local principals noted the transaction aligns with fundamentals that are supporting new development of modern storage product in high‑growth suburban corridors, and that the financing will help bring new investment and services to the Peabody area.
The new loan follows recent local transactions involving self‑storage assets. Earlier this year, one three‑story storage property in Peabody changed hands in a deal that involved construction financing during its development. That property offers more than 1,100 climate‑controlled units and a range of on‑site security and access features, and it sits near regional retail and highway access points within 22 miles of downtown Boston.
Construction is underway with an early 2026 opening expected. The project team will complete buildout, lease up units and transition day‑to‑day operations to the facility manager after construction finishes. Market observers will watch lease‑up and local supply metrics to track how the new facility affects competition and pricing in the immediate trade area.
The financing highlights continued lender interest in storage projects that combine scale, good locations and experienced operators. For suburban markets around major metro areas, large climate‑controlled facilities are one way developers and investors aim to meet household and business demand while delivering a standardized product that lenders and national operators can underwrite and run efficiently.
The project is a six‑story, 136,410 square‑foot self‑storage facility with secure, climate‑controlled units.
The site is at the intersection of Route 1 and I‑95 in Peabody, Massachusetts.
A Massachusetts‑based regional bank provided the $13.9 million construction loan, with the financing arranged by a local capital advisory firm.
The facility will be managed by a national self‑storage operator after construction is complete.
Construction is planned to finish and the property is expected to open in early 2026.
The Route 1 / I‑95 corridor is a high‑growth, high‑traffic area with strong access to regional population centers, making it well suited for a large storage facility.
| Feature | Detail |
|---|---|
| Loan amount | $13.9 million |
| Size | 136,410 square feet |
| Height | Six stories |
| Unit type | Secure, climate‑controlled units |
| Location | Route 1 & I‑95, Peabody, MA |
| Expected opening | Early 2026 |
| Construction lender | Massachusetts‑based regional bank |
| Operator | National self‑storage operator |
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