Tulfra Real Estate has officially broken ground on the Delford, a luxury six-story, 160-unit multifamily development at 120 W. Passaic St. in Rochelle Park.
JLL Capital Markets arranged the financing on behalf of Tulfra Real Estate and was able to secure a $34.8 million construction loan from Provident Bank to begin construction on this luxury residential complex.
Robert McKee, vice president of commercial real estate, represented Provident Bank. Michael Klein and Jon Mikula of JLL represented Tulfra on the transaction.
“We are grateful to our financing team,” Sonny Jumani, CEO and president of Tulfra, said. “Provident Bank has provided financing for many Tulfra projects over the past 20 years, and we value our relationship highly.”
The Delford has been touted as one of the best and most desirable real estate development sites in Bergen County. It is located directly adjacent to the Westfield Garden State Plaza shopping mall, and minutes from virtually every major highway: Routes 4, 17 and 208, Interstate 80 and the Garden State Parkway. It is a 15-minute drive from the George Washington Bridge, with public transportation along Route 17 and Route 4. Residents will also have an array of other retail and entertainment destinations nearby that include shopping, restaurants, and hotels.
When complete in 2024, the Delford will feature one- and two-bedroom homes with high-end finishes, state-of-the-art appliances and a host of modern amenities that include an on-site concierge, lounging space, rooftop terrace, coworking offices, a fitness center, swimming pool with a lounging deck and barbecue grills, and covered parking in a two-story garage.
The Delford is part of Village Center of Rochelle Park, a mixed-use development including 8,000 square feet of retail and a 100,000-square-foot self-storage facility, which has since been sold to a self-storage operator.