A mixed-use project known as High Mountain Promenade is slated to bring a 74,715-square-foot self-storage facility, 90 luxury apartments and 4,400 square feet of retail space to a site at 987 Belmont Ave. in North Haledon. — Rendering courtesy: JLL
By Joshua Burd
A development that will bring new self-storage, upscale apartments and retail space to North Haledon is set to begin with the help of a construction loan arranged by JLL.
Brokers with the firm represented the borrower, a joint venture of Tulfra Real Estate and Hampshire Real Estate Cos., in sourcing the loan with First Bank. The developers will use most of the funds to build the 74,715-square-foot self-storage facility — the first phase of the High Mountain Promenade project at 987 Belmont Ave. — while reserving a portion for future development that will include 90 rental homes and 4,400 square feet of retail with a drive-thru.
JLL senior managing directors Michael Klein and Jon Mikula, Director Ryan Carroll and Analyst Michael Donohoe spearheaded the deal. Terms were not disclosed.
“This transaction exemplifies the strong fundamentals driving self-storage investment today,” Carroll said. “Tulfra and Hampshire excel at identifying prime development sites like High Mountain Promenade. This strategic location offers high rental occupancy with limited existing supply. The competitive interest from multiple lenders, with First Bank providing the most favorable terms, reflects both the market opportunity and our client’s proven development experience.”
JLL noted that, when complete, the three-story self-storage facility will include 55,394 rentable square feet. Public Storage will lease up and manage the property, which will have fully climate-controlled units and two floors of loading ability.
The advisory team added that it be the only self-storage facility serving North Haledon, with a location in central Passaic County and near dense population centers such as Wayne and William Paterson University. The property will serve an estimated 151,308 residents within a three-mile radius, JLL said, in an area with strong market fundamentals thanks to a housing stock that is 49 percent renter-occupied.
