Done Deals: HFF announces $10.3 million financing for development of New York-area self storage facility

Wednesday, February 6, 2019

HFF announces $10.3 million financing for development of New York-area self storage facility

CubeSmart Self Storage Facility
Rochelle Park, NJ

FLORHAM PARK, NJ – Feb. 6, 2019 – 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.

Michael Klein

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.

Jon Mikula

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.”