The Delford at 120 West Passaic St. in Rochelle Park — Courtesy: JLL
By Joshua Burd
Tulfra Real Estate has secured $44 million in financing for its newly built, 160-unit luxury apartment building in Rochelle Park, brokers with JLL announced Thursday.
According to a news release, Nuveen Real Estate provided the five-year, fixed-rate loan in connection with what’s known as The Delford at 120 West Passaic St. The deal comes less than six months after Tulfra delivered the six-story property, which offers a mix of one-, two- and three-bedroom units and a series of high-end amenities on a site that’s adjacent to Westfield Garden State Plaza.
JLL senior managing directors Michael Klein and Jon Mikula, along with Vice President Ryan Carroll, represented the borrower in the deal.
“This transaction demonstrates the depth and strength of the capital markets for new multifamily projects in infill markets,” Mikula said.
In announcing the deal, JLL noted that Rochelle Park is 16 miles from New York City, while residents are minutes from NJ Transit’s Passaic Street and Anderson Street train stations. Meantime, apartment vacancy in Bergen County is just 2.8 percent, thanks in part to its growing population and tight for-sale housing market.
Amenities at The Delford include an outdoor pool, a coworking lounge, bicycle storage, a modern fitness center and outdoor grilling and dining areas. JLL added that the property, which sits on 1.94 acres, comprises 136 market-rate units and 24 units reserved as affordable housing.
‘The Delford’ opens in Rochelle Park, having already hit key leasing milestone
