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Deals & Dealmakers

Tulfra secures $34.8m Construction Loan with Provident Bank for 160-unit Luxury Apartment Community in Rochelle Park

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.

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