930 North Riverview in Totowa — Courtesy: HFF
By Joshua Burd
HFF has arranged $12.2 million in construction financing for developers to reposition a light industrial building into a 1,246-unit self-storage facility in Totowa, the firm announced.
The brokerage said it worked on behalf of the borrower, a joint venture of Tulfra Real Estate and The Hampshire Cos., to place the construction loan with M&T Bank. Tulfra purchased the 225,336-square-foot building at 930 North Riverview Drive “at a substantial discount” in February 2015, when occupancy was at 46 percent.
Tulfra has since created significant value by subdividing the facility into three condominium units, HFF said. The future two-story self-storage facility will include 1,235 climate- and 11 non-climate-controlled units in a 105,536-square-foot portion of the building.
The facility is at a signalized intersection along North Riverview Drive within a densely populated residential and commercial section of Passaic County, HFF said. The property’s location provides immediate access to Route 46, while more than more than 90,640 residents live within a three-mile radius of the property.
The HFF debt placement team representing the borrower was led by Senior Managing Director Jon Mikula and Managing Director Michael Klein.
