Holliday Fenoglio Fowler, L.P. (HFF) announces the $10.3 million construction financing for the development of an 829-unit, Class A CubeSmart self storage facility in the Bergen County community of Rochelle Park, New Jersey.
The HFF team worked on behalf of the borrower, Tulfra Real Estate, to place the four-year, fixed-rate loan with First Bank. CubeSmart will manage daily operations.
The 112,980 square-foot facility will house 829 climate-controlled storage units ranging from 25 to 300 square feet along with office space. The four-story building will be situated on two acres at 120 West Passaic Street approximately 0.2 miles from the intersection of Passaic Street and Rochelle Avenue, 1.1 miles from the Garden State Parkway and 2.6 miles from Interstate 80. The property is in Rochelle Park, a community approximately 16 miles from Manhattan. Surrounded by a densely populated residential neighborhood, there are an estimated 17,816, 197,040 and 627,292 people respectively across 6,741, 74,461 and 217,344 households within a one, three and five-mile radius of the property, respectively.
The HFF debt placement team representing the borrower included managing director Michael Klein and senior managing director Jon Mikula.
“HFF is pleased to have represented Tulfra Real Estate once again and continue to help them grow their expanding self storage portfolio,” Klein said. “First Bank provided the borrower with attractive deal terms, the flexibility that they were seeking and was able to move quickly in order to close within a condensed time frame.”
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). For more information, please visit HFFLP.com or follow HFF on Twitter @HFF.