TOTOWA, NJ—Holliday Fenoglio Fowler arranged $12.2 million in construction financing to convert a light industrial building at 930 North Riverview Drive in Totowa, NJ into a 1,246-unit, class A self-storage facility.

HFF arranged the financing for the developer, a joint venture partnership between Tulfra Real Estate and The Hampshire Companies, and placed the construction loan with M&T Bank. Tulfra purchased the larger 225,336-square-foot light industrial building—which was 46-percent leased at the time of purchase in February 2015—at a substantial discount. Tulfra has since created significant value by subdividing the facility into three condominium units.

The future two-story self-storage facility will have 1,235 climate-controlled and 11 non-climate-controlled units in 105,536 square feet of the light industrial building. The facility is at a signalized intersection along North Riverview Drive within a densely-populated residential and commercial area within the Passaic County self-storage submarket. The property's location provides immediate access to Route 46, one of the primary east-west arteries and retail corridors in the region.

The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.

Instant Insights /

HFF Arranges $12.2 Million Construction Financing for NJ Self Storage Facility

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