JLL Capital Markets has arranged a $34 million construction loan for the development of a multi-housing property at 920 Belmont Ave. in North Haledon, New Jersey.
JLL worked on behalf of the borrowers, Tulfra Real Estate and The Hampshire Companies, to secure the loan through Investors Bank. The development is expected to be completed in 2021.
The 180-unit, affordable luxury apartments will contain modern amenities including a fitness center, lounge area, coworking space, pet wash center, bike storage, outdoor pool and patio area with grilling stations and a fire pit.
The development is located near northern and central New Jersey and New York City’s most prominent employment centers within the Passaic County submarket,.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein.
“We are pleased to have been able to close this transaction on behalf of Tulfra Real Estate and The Hampshire Companies despite the difficult market conditions we are working in,” stated Klein. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.”
“This project has been years in the making and will finally come to fruition due to the persistent efforts of the borrower,” continued Mikula. “Kudos to Investors Bank for helping us get to the finish line during COVID.”