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 regional bank in Massachusetts has provided $13.9 million in construction financing for a new, six‑story self‑storage facility at the high‑visibility intersection of Route 1 and I‑95 in Peabody. The project site sits within one of the North Shore’s busiest growth corridors and aims to serve rising demand for modern, climate‑controlled storage in the Greater Boston area.
The upcoming facility will total 136,410 square feet and will offer secure, climate‑controlled units designed to meet the needs of residential and commercial customers seeking modern storage solutions. Construction financing has been structured with competitive terms and flexible features, and execution of the loan reflects continued lender confidence in the region’s self‑storage sector. The project is expected to open in early 2026.
A Revere‑based developer assembled the project team, and upon completion the facility will be managed by one of the largest self‑storage operators in the United States. A Peabody‑based commercial real estate capital advisory firm arranged the construction financing. That advisory firm maintains offices across several states and brings experience in institutional finance, acquisitions, leasing and brokerage sales.
The new development follows recent transactional activity in the Peabody market, where completed and recently traded assets signal strong investor interest in self‑storage. Nearby, a recently opened three‑story, climate‑controlled facility was acquired earlier this year in a sale that highlights ongoing consolidation and institutional appetite for class A storage properties. Local access to major highways and proximity to downtown Boston — within roughly a 22‑mile radius for some properties — support continued demand for storage and logistics‑oriented real estate in the region.
Lender participation in this construction loan demonstrates persistent confidence in the self‑storage asset class in suburban and infill markets. Developers and capital providers cite favorable supply‑demand fundamentals, last‑mile location benefits, and stable operating metrics for many modern storage projects. Flexible financing structures and competitive pricing from regional banks are helping projects move from permitting into construction more quickly.
The developer for this project is locally based and has put together a team to execute ground‑up construction of the six‑story facility. The capital advisory firm that arranged the loan is based in Peabody and also operates offices in New York, Connecticut, Rhode Island and Florida. Its team includes professionals with backgrounds in institutional finance and commercial real estate transactions, enabling the firm to structure financing packages for a range of property types, including industrial and storage assets.
With financing in place, the project is poised to move into detailed construction stages. The development timeline targets an opening in early 2026, subject to standard permitting, construction and market conditions. Once operational, the facility will expand the market’s supply of modern, climate‑controlled storage, while offering customers secure access, unit variety and amenities commonly expected in contemporary storage properties.
Institutional and regional lenders continue to back storage and related outdoor logistics assets across multiple markets. Recent large portfolio financings and acquisition facilities nationwide reflect sustained capital flows into storage and industrial outdoor storage sectors, driven by demand from e‑commerce, construction, and household storage needs. The availability of locally tailored bank financing paired with national operators’ management capabilities is enabling more ground‑up projects and portfolio transactions.
The site is at the prominent intersection of Route 1 and I‑95 in Peabody, within a high‑growth corridor on the North Shore.
The development will be a six‑story building totaling 136,410 square feet. It will provide secure, climate‑controlled units designed for residential and commercial needs.
A Massachusetts‑based regional bank provided the $13.9 million construction loan, offering competitive terms and a flexible structure to support project execution.
Construction is intended to move forward with a target opening in early 2026, assuming normal permitting and construction progress.
Facility management will be handled by a national self‑storage operator with a large footprint in the United States.
The development responds to growing demand for modern, climate‑controlled storage in Greater Boston suburbs and benefits from strong highway access and nearby population centers.
| Feature | Detail |
|---|---|
| Location | Intersection of Route 1 and I‑95, Peabody, Massachusetts |
| Building Size | 136,410 square feet |
| Stories | Six stories |
| Unit Type | Secure, climate‑controlled storage units |
| Financing | $13.9 million construction loan from a Massachusetts regional bank |
| Expected Opening | Early 2026 (target) |
| Developer | Revere‑based developer assembled project team (name not specified) |
| Operator | Major national self‑storage operator to manage upon completion |
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