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| The Delford, a 160-unit luxury apartment community in Rochelle Park, Bergen County, NJ |
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| Michael Klein |
JLL represented the borrower, Tulfra Realty Company, in securing the
five-year, fixed-rate loan through Nuveen Real Estate.
Situated at 120 W. Passaic St., The Delford is ideally located within
the inner ring of the greater New York Metropolitan area, providing excellent
highway access to New York City and northern New Jersey.
With a Walk Score® of 77, the community is highly walkable and conveniently surrounded by grocers, retail markets and notable destinations like MetLife Stadium and the American Dream complex.
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| Jon Mikula |
Situated a mere 16 miles from the bustling metropolis of New York City,
Rochelle Park enjoys the advantages of Bergen County's affluent demographics.
The county's population has experienced a 6.4% increase since 2010, fueling
high-demand for housing.
This desire has led to a scarcity of available rental units, evident by a low vacancy rate of just 2.8%. The average household income of $162,656 lures those seeking a luxurious lifestyle, especially considering the steep median home price of $725,000, making the market predominantly favorable for renters.
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| Ryan Carroll |
“This transaction demonstrates
the depth and strength of the Capital Markets for new multifamily projects in
in-fill markets,” said Mikula.
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