Tulfra Real Estate, a real estate investment, management and development company based in Rochelle Park, New Jersey, obtained $11.7 million in financing for 670 Passaic Ave., West Caldwell, New Jersey.
The loan includes a $6.1 million permanent loan secured by a long-term net lease to Case-It, a leading binders and office supply manufacturer, and a separate $5.6 million construction loan for a 760-unit, 41,000 s/f self-storage facility.
Tulfra plans to complete the construction of the self-storage facility by early summer.
The loan was provided by Provident Bank in Iselin, NJ. Provident was represented by Walter Sierotko, executive vice president, director of real estate and Robert McKee, assistant vice president.
Tulfra was represented by Frank Vicendese of VMR Mortgage of Toms River, and by Sills Cummis & Gross PC of Newark.
“The initial redevelopment of 670 Passaic Ave. was the beginning of our investment in this property,” said Sonny Jumani, partner and president of Tulfra Real Estate.
“This new financing allows us to complete our project. With the help of the mayor and the Township of West Caldwell, this project is now a reality.”
News of the financing comes on the heels of a 15-year long-term lease agreement with binder manufacturer Case-It, which will occupy 68,000 s/f of the property.
The Case-It space has 21-foot ceilings, five tailboards for loading and unloading goods, and 16-foot ceilings in the self-storage area.
Tulfra acquired the property from an Arizona-based investment group and renovated the it.
The property near several major highways, providing easy access to the surrounding area and ingress to New York City.
The West Caldwell property is one of several redevelopment projects currently under Tulfra’s management.
The company is also spearheading the redevelopment of the former AT&T data center in Rochelle Park, NJ, with self-storage, apartments and retail space; the redevelopment of the former Roche
Diagnostics property in Belleville, New Jersey into a 500,000 s/f retail center that includes a Wawa convenience store and an Extra Space self-storage facility; a 20-acre, 180-unit rental apartment development in North Haledon, New Jersey; and a 225,000 s/f flex/tech/self-storage building at 930 Riverview Drive in Totowa, New Jersey.
Tulfra Real Estate is on the hunt for similar sites in the region.