North Haledon luxury apartment project takes step forward with $34M construction loan

JLL Capital Markets has secured a $34 million construction loan for a multihousing property in North Haledon, it announced this week.

JLL worked on behalf of the borrowers, developers Tulfra Real Estate, based in Rochelle Park, and the Hampshire Cos., based in Morristown, to secure the loan through Investors Bank, based in Short Hills.

The 180-unit luxury apartment property at 920 Belmont Ave. is expected to be completed in 2021.

The JLL team was led by Jon Mikula and Michael Klein, senior managing directors.

“We are pleased to have been able to close this transaction on behalf of Tulfra Real Estate and the Hampshire Cos. despite the difficult market conditions we are working in,” Klein said in a prepared statement. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.”

Added Mikula: “This project has been years in the making, and will finally come to fruition due to the persistent efforts of the borrower. Kudos to Investors Bank for helping us get to the finish line during COVID.”