A rendering of a 180-unit apartment property at 920 Belmont Ave. in North Haledon — Courtesy: JLL
By Joshua Burd
The team behind a 180-unit multifamily development in North Haledon has secured a $34 million construction loan for the project, according to a capital markets team with JLL.
Brokers with the firm represented the borrowers, Tulfra Real Estate and The Hampshire Cos., in sourcing the loan through Investors Bank. The financing will support a project now under construction at 920 Belmont Ave., where plans call for four apartment buildings and a clubhouse on nearly 20 acres.
JLL senior managing directors Jon Mikula and Michael Klein led the capital markets team handling the assignment.
“We are pleased to have been able to close this transaction on behalf of Tulfra Real Estate and The Hampshire Companies despite the difficult market conditions we are working in,” Klein said. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.”
In a news release, JLL said the complex will feature modern amenities such as a fitness center, lounge area, co-working space, pet wash center, bike storage, outdoor pool and patio area with grilling stations and a fire pit. The property is within a five-mile radius of three train stations — Glen Rock Borough Hall, Hawthorne and Paterson — providing access to Hoboken, Jersey City and Manhattan.
Nearby highways include Route 208, interstates 80 and 287 and the Garden State Parkway, JLL said. The site also benefits from proximity to William Paterson University and other neighborhood services.
“This project has been years in the making and will finally come to fruition due to the persistent efforts of the borrower,” Mikula said. “Kudos to Investors Bank for helping us get to the finish line during COVID.”