 |
| 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 | www.hfflp.com
Facebook
(www.facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
No comments:
Post a Comment