December 7, 2022
Tulfra secures $34.8m Construction Loan with Provident Bank for 160-unit Luxury Apartment Community in Rochelle Park
The Delford groundbreaking marks the start of construction on the residential phase of the Village Center mixed-use project
ROCHELLE PARK, N.J. — Tulfra Real Estate has officially broken ground on The Delford, a luxury six-story, 160-unit multifamily development on 120 West Passaic Street in Rochelle Park, New Jersey.
JLL Capital Markets, arranged the financing on behalf of Tulfra Real Estate, and was able to secure a $34.8 million construction loan from Provident Bank to begin construction on this luxury residential complex. Robert McKee, VP of Commercial Real Estate, represented Provident Bank.
Michael Klein and Jon Mikula, of JLL represented Tulfra on the transaction.
“We are grateful to our financing team,” says Sonny Jumani, President and CEO of Tulfra. “Provident Bank has provided financing for many Tulfra projects over the past 20 years, and we value our relationship highly,” he added.
The Delford has been touted as one of the best and most desirable real estate development sites in Bergen County. It is located directly adjacent to the Westfield Garden State Plaza shopping mall, and minutes from virtually every major highway: Routes 4, 17, 208, I-80, and the Garden State Parkway. It is a 15-minute drive from the George Washington Bridge, with public transportation along Route 17 and Route 4. Residents will also have an array of other retail and entertainment destinations nearby that include shopping, restaurants, and hotels.
When complete in 2024, The Delford will feature one- and two-bedroom homes with high-end finishes, state-of-the-art appliances and a host of modern amenities that include an on-site concierge, lounging space, rooftop terrace, co–working offices, a fitness center, swimming pool with a lounging deck and BBQ grills, and covered parking in a two-story garage.
The Delford is part of Village Center of Rochelle Park, a mixed-use development including 8,000 square feet of retail and a 100,000 square self-storage facility, which has since been sold to a self-storage operator.
About Tulfra Real Estate
Tulfra Real Estate, a Rochelle Park, New Jersey-based real estate and development company, has evolved into a major redeveloper for municipalities and corporations throughout New Jersey. Independently and with its institutional partners, Tulfra has owned or developed more than $1 billion in commercial and industrial properties in northern and central New Jersey over four decades. Tulfra has become a leader in helping communities and businesses maximize the development and income potential of their properties. Tulfra works with municipalities to transform underutilized, or nonperforming assets into successful projects in all asset classes including commercial, hotels, healthcare and residential, that bring jobs and tax revenue to the community.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.