JLL Capital Markets arranges $44 million financing for The Delford, Class A apartments in Bergen County, Northern New Jersey

 

The Delford, a 160-unit luxury apartment community
 in Rochelle Park, Bergen County,  NJ

 

Michael Klein

MORRISTOWN, NJ–  JLL Capital Markets has secured a $44 million financing for The Delford, a 160-unit luxury apartment community in Rochelle Park, Bergen County, New Jersey.

 

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.

 

Jon Mikula 

Additionally, the community offers direct access to Manhattan via NJ Transit’s Passaic Street and Anderson Street train stations.

 

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.

Ryan Carroll

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Ryan Carroll.

 

“This transaction demonstrates the depth and strength of the Capital Markets for new multifamily projects in in-fill markets,” said Mikula.

 

 

 

 

 

CONTACT:

Gréta Kieras​​​​ Senior Associate, Public Relations JLL Capital Markets 1980 Festival Plaza Drive Suite 250 Las Vegas,  NV  89135 T  +1 949 930 8498 Greta.Kieras@jll.com CA  RE license # 02111877 us.jll.com/capitalmarkets Jones Lang LaSalle Americas, Inc. a licensed real estate brokerage company. ​CA RE license #01223413