Monday, May 21, 2018

HFF announces $10.2 Million in financing for Tulfra Real Estate self-storage development in Northern New Jersey

Jon Mikula
FLORHAM PARK, NJ, May 21, 2018  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. 

Michael Klein
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.

 For more information, please contact:

HFF Digital Content/Public Relations Specialist
(713) 852-3420

HFF Director, Public Relations
(617) 338-0990

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