Tulfra Real Estate Nutley/Clifton Self-Storage Development Gets HFF Financing
The three-story, 125,000-square-foot self-storage facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes.
NUTLEY/CLIFTON, NJ—Holliday Fenoglio Fowler placed $10.2 million in financing for Tulfra Real Estate’s development of a 925-unit, to-be-built, CubeSmart-branded self-storage facility at 10 Kingsland Street, on the border of Nutley and Clifton in Passaic County, NJ.
The HFF debt team representing the developer included senior managing director Jon Mikula and managing director Michael Klein.
“HFF is pleased to have placed yet another loan for Tulfra Real Estate,” Klein says. “The property’s location off Route 3, its strong demographics within the trade area and a top-tier operator such as CubeSmart made this a very attractive deal to lenders.”
The HFF team worked on behalf of Tulfra to place the construction loan with Bank of New Jersey. Loan proceeds will be used for acquisition costs, site improvements, construction and facility lease up. In addition to 10 Kingsland, Bank of New Jersey has financed numerous projects developed by Tulfra Real Estate.
The three-story, 125,000-square-foot self-storage facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes. CubeSmart will lease up and manage the property, which includes retail space for selling supplies and facilitating unit and truck rentals.
Situated on 6.5 acres, the facility is adjacent to Route 3, a prominent retail corridor. Within a three-mile radius of the property, there are an estimated 92,237 households, including 41,756 renter-occupied housing units, and the Garden State Parkway is 2.5 miles west of the property, and Interstate 95 (New Jersey Turnpike) is five miles east.