Holliday Fenoglio Fowler, L.P. (HFF) announces the placement of $10.2 million in financing for the development of a 925-unit, to-be-built, CubeSmart-branded self storage facility on the border of Nutley and Clifton in Passaic County, New Jersey.
The HFF team worked on behalf of the developer, Tulfra Real Estate, to place the construction loan with Bank of New Jersey. Loan proceeds will be used for acquisition costs, site improvements, construction and facility lease up. In addition to 10 Kingsland, Bank of New Jersey has financed numerous projects developed by Tulfra Real Estate.
The three-story, 125,000 square-foot self storage facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes. CubeSmart will lease up and manage the property, which includes retail space for selling supplies and facilitating unit and truck rentals. Situated on 6.5 acres at 10 Kingsland Street in Nutley, the facility is on the border of Nutley and Clifton and adjacent to Route 3, a prominent retail corridor. Within a three-mile radius of the property, there are an estimated 92,237 households, including 41,756 renter-occupied housing units, and the Garden State Parkway is 2.5 miles west of the property, and Interstate 95 (New Jersey Turnpike) is five miles east.
The HFF debt team representing the developer included senior managing director Jon Mikula and managing director Michael Klein.
“HFF is pleased to have placed yet another loan for Tulfra Real Estate,” Klein said. “The property’s location off Route 3, its strong demographics within the trade area and a top-tier operator such as CubeSmart made this a very attractive deal to lenders.”
HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.
About Tulfra Real Estate
Tulfra Real Estate, a Rochelle Park, New Jersey-based real estate and development company has evolved into a major redeveloper for municipalities and corporations throughout New Jersey. Independently and with its institutional partners, Tulfra has owned or developed more than $1 billion in commercial and industrial properties in northern and central New Jersey over four decades. Tulfra has become a leader in helping communities and businesses maximize the development and income potential of their properties. Tulfra works with municipalities to transform underutilized or non-performing assets into successful projects in all asset classes including commercial, hotels, healthcare and residential that bring jobs and tax revenue to the community. It also helps corporations by using its experience and attention to detail in redeveloping properties into sites that meet the demands of 21st-century businesses. Learn more at Tulfra.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).