HFF arranges construction loan for Tulfra

By Eric Strauss
Nutley | May 21, 2018 at 11:53 am

Holliday Fenoglio Fowler L.P. has arranged $10.2 million in financing for a planned self-storage facility on the border of Nutley and Clifton, the real estate services firm announced Monday.

An HFF team worked with Tulfra Real Estate, the developer of the 925-unit CubeSmart-branded facility at 10 Kingsland St. in Nutley, to place a construction loan with Bank of New Jersey. Bank of New Jersey has financed numerous Tulfra projects, HFF said.

The debt team included Jon Mikula, senior managing director, and Michael Klein, managing director.

“HFF is pleased to have placed yet another loan for Tulfra Real Estate,” Klein said in a prepared statement. “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.”

When complete, the property will have three stories and total 125,000 square feet, with 765 climate-controlled units and 160 other units. CubeSmart will lease up and manage the property.

 

Eric Strauss | estrauss@roi-nj.com | acerimrat