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| 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.
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| 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:
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
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