May 25, 2018
HFF has placed $10.2 million in financing for the development of a 925-unit self-storage facility on the border of Nutley and Clifton, NJ near US Route 3, to be leased and operated by CubeSmart. It’s the latest in a series of loans HFF has arranged for the developer, Rochelle Park, NJ-based Tulfra Real Estate.
The HFF debt team representing Tulfra included senior managing director Jon Mikula and managing director Michael Klein. “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,” said Klein. The loan was placed with Bank of New Jersey, which has financed other Tulfra projects.
The three-story, 125,000-square-foot facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes. Within a three-mile radius are an estimated 92,237 households, including 41,756 renter-occupied housing units.
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