Tulfra Announces $10.3 Million Construction Loan for Self-Storage Facility in Rochelle Park, NJ
Loan proceeds will be used for CubeSmart facility at former AT&T data center site
ROCHELLE PARK, N.J. January 23, 2019 – Tulfra Real Estate, a Rochelle Park, New Jersey–based real estate investment, management and development company, announced that it has secured a $10.3 million construction loan for a self-storage facility at the former AT&T data center site, located at 120 W. Passaic Street in Rochelle Park.
The loan was funded by First Bank, Hamilton, New Jersey. David DiStefano, market executive and senior vice president, and Mark Kabakow, senior vice president/construction lending manager, represented the lender.
Proceeds from the loan will be used to construct a 100,000-square-foot, 823-unit self-storage facility on approximately 2 acres of a larger mixed-use site, which has been rebranded as Village Center of Rochelle Park. The 7.5-acre site is currently home to one two-story, 55,000-square-foot concrete building. The new self-storage facility will be managed by CubeSmart.
“The CubeSmart self-storage facility is the first step toward bringing new life to a property that’s been empty since AT&T moved in 2016,” said Sonny Jumani, president and partner of Tulfra Real Estate. “Village Park is poised to bring jobs, tax revenue, and attractive living options to residents of Rochelle Park and neighboring communities.”
According to Jumani, construction of the self-storage facility has already been approved by the municipality.
The property has been touted as one of the best real estate development sites in Bergen County. It is located adjacent to the Garden State Plaza, the largest and most well-trafficked shopping center in the tri-state area. Its trading area counts 2.1 million people in a 10-mile radius.
Village Center is conveniently situated right next to Route 17, providing residents with easy access to Route 4, Route 208, and I-80. It is a 15-minute drive to New York City, with public transportation along Route 17 and Route 4.
Village Center is one of several redevelopment projects under Tulfra’s management. The company is also spearheading the redevelopment of the former Roche Diagnostics property in Belleville, New Jersey, a mixed-use project that includes a Wawa convenience store, an Extra Space self-storage facility and up to 500,000 square feet of other uses including office, medical, senior housing; a 20-acre, 180-unit rental apartment development in North Haledon, New Jersey; and a 225,000 square-foot flex/tech/self-storage building at 930 Riverview Drive in Totowa, New Jersey.
Tulfra Real Estate is requesting offerings from sellers or brokers of similar sites. For more information, visit www.Tulfra.com