Michael Klein, director at HFF; and Jon Mikula, senior managing director; worked on behalf of the borrower, Tulfra Real Estate, to place a four-year, fixed-rate loan with First Bank, it said.
The 112,980-square-foot, Class A facility will have 829 climate-controlled storage units ranging in size from 25 to 300 square feet as well as office space. The four-story building will be built on 2 acres at 120 West Passaic St.
The facility will be within close access to the Garden State Parkway and Interstate 80.
“HFF is pleased to have represented Tulfra Real Estate once again and continue to help them grow their expanding self-storage portfolio,” Klein said. “First Bank provided the borrower with attractive deal terms, the flexibility that they were seeking and was able to move quickly in order to close within a condensed time frame.”