Saturday, December 10, 2016

HFF arranges $12.2 million construction financing for development of New Jersey self storage facility

Self-Storage Facility, Totowa, NJ
Jon Mikula
FLORHAM PARK, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $12.2 million in construction financing to reposition a light industrial building into a 1,246-unit, Class A self storage facility in Totowa, New Jersey.

HFF worked on behalf of the developer, a joint venture partnership between Tulfra Real Estate and The Hampshire Companies, to place the construction loan with M&T Bank. 

Tulfra purchased the larger 225,336-square-foot light industrial building, which was 46 percent leased at the time of purchase in February 2015 at a substantial discount.  Tulfra has since created significant value by subdividing the facility into three condominium units.

The future two-story self storage facility will comprise 1,235 climate- and 11 non-climate controlled units situated in 105,536 square feet of the light industrial building at 930 North Riverview Drive.

 The facility will be situated at a signalized intersection along North Riverview Drive within a densely-populated residential and commercial area within the Passaic County Self Storage submarket.

 The property’s location provides immediate access to Route 46, one of the primary east-west arteries and retail corridors in the region.  There are more than 90,640 residents living within a three-mile radius of the property, with a 1.25 percent growth to 91,775 residents projected by 2020.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.

For a complete copy of the company’s news release, please contact:

 Kristen Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax 617.338.2150 |

Facebook (, Twitter (@hampshireco), and LinkedIn (

No comments: