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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
