Holliday Fenoglio Fowler placed $10.2 million in financing for the development of a 925-unit, to-be-built, CubeSmart-branded self storage facility in Passaic County, NJ.
The HFF team worked on behalf Tulfra Real Estate to place the loan with Bank of New Jersey. Proceeds will be used for acquisition costs, site improvements, construction and lease up.
The three-story, 125,000 s/f facility will contain 765 climate-controlled and 160 non-climate-controlled units. CubeSmart will lease and manage the property. The HFF debt team representing the developer included Jon Mikula and Michael Klein.