A rendering of the planned CubeSmart facility at 10 Kingsland St. in Nutley — Courtesy: HFF
By Joshua Burd
Brokers with HFF have secured $10.2 million in financing for a planned 925-unit self-storage facility on the border of Nutley and Clifton.
In a news release, the firm said it worked on behalf of Tulfra Real Estate to place the construction loan with Bank of New Jersey. Tulfra will use the proceeds for acquisition costs, site improvements, construction and facility lease-up of the 125,000-square-foot CubeSmart facility at 10 Kingsland St. in Nutley.
The HFF debt team representing the developer included Senior Managing Director Jon Mikula and Managing Director Michael Klein, who noted that the construction is one of several Tulfra projects financed by Bank of New Jersey.
“HFF is pleased to have placed yet another loan for Tulfra Real Estate,” Klein said. “The property’s location off Route 3, its strong demographics within the trade area and a top-tier operator such as CubeSmart made this a very attractive deal to lenders.”
Plans for the three-story facility include 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes, the news release said. CubeSmart will lease up and manage the property, which includes retail space for selling supplies and facilitating unit and truck rentals.
Sitting on 6.5 acres, the site is adjacent to Route 3 and is surrounded by more than 90,000 households within a three-mile radius of the property. HFF also touted its proximity to the Garden State Parkway and the New Jersey Turnpike.
