Tulfra and The Hampshire Companies secure construction loan for mixed-use retail project in Belleville, NJ.

JLL worked on behalf of the borrower, Tulfra Real Estate and the Hampshire Companies, in arranging the floating-rate loan through First Bank.

The property was acquired as part of the Roche Diagnostics Redevelopment Area, an 18.7-acre parcel in Belleville, New Jersey. The first building opened in October 2022 and is fully leased to Starbucks. The 7200 sf retail building will house three retail tenants. Chipotle has executed a long-term lease, while negotiations continue with two other national quick-serve restaurants.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula, Director Ryan Carroll and Analyst Kevin Badger.

“This property’s prime location featuring excellent visibility and access to major roadways in one of Essex County’s most dynamic retail corridors, combined with a strong tenant roster including national brands like Starbucks and Chipotle, made this an attractive financing opportunity,” said Sonny Jumani, CEO/President of Tulfra Real Estate.

Tulfra and Hampshire have established an impressive track record as major redevelopers throughout New Jersey. Their vision for transforming this former Roche Diagnostics site into a thriving mixed-use development continues to attract high-quality tenants and create significant value.