Rochelle Park-based Tulfra Real Estate secured a $6 million loan with Jersey City-based Provident Bank for the parking parcel at the Totowa Business Center.
Located at 930 Riverview Drive, the 225,000-square-foot property was acquired by Tulfra in 2015. Since then, the firm has invested significantly in capital improvements to prepare the two-story facility to attract long-term tenants.
The lending officer on the transaction is Robert McKee, vice president, Provident Bank. The mortgage brokers on the deal are Janet Proscia and David Turley, Cronheim Mortgage, Chatham Township.
Sonny Jumani, CEO and president of Tulfra Real Estate, described the long-term parking rentals as a creative way to add value to a property.
“Our mission is to return value to underperforming properties, and, sometimes, the right solution takes some creative thinking,” Jumani said. “Our ability to find inventive ways to generate value in every property type is our contribution to the townships and municipalities who want these underutilized properties to be a success for the benefit of the community.”
According to Jumani, current tenants include Amazon and HelloFresh.
“Totowa Business Center is the ideal place for long-term parking because of its proximity to major thoroughfares like Interstate 80 and Routes 46 and 23,” Jumani said. “That ease of access is crucial for a business that relies on rapid, on-time delivery.”
