Tulfra Real Estate 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 s/f, 823-unit self-storage facility on two acres of a larger mixed-use site, which has been re-branded as Village Center of Rochelle Park. The 7.5-acre site is currently home to one two-story, 55,000 s/f 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.
Siituated right next to Route 17, 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.