A rendering of Tulfra Real Estate’s planned CubeSmart facility at 120 West Passaic St. in Rochelle Park — Courtesy: Tulfra
(Editor’s note: This story has been updated with additional information and a quote from HFF, which represented Tulfra Real Estate in securing financing.)
By Joshua Burd
Tulfra Real Estate is on track to begin its redevelopment of a former AT&T data center site in Rochelle Park after landing a $10.3 million construction loan for a new self-storage facility.
The developer and investment firm, which is based in the township, announced the financing for the 100,000-square-foot, 823-unit CubeSmart facility at 120 West Passaic St. First Bank in Hamilton is providing the loan for the two-acre project, the first piece of a larger mixed-use site that has since been rebranded as Village Center of Rochelle Park.
Spanning about 7.5 acres overall, the site is currently home to one two-story, 55,000-square-foot concrete building. Tulfra said the municipality has already approved the self-storage facility.
“The CubeSmart self-storage facility is the first step toward bringing new life to a property that’s been empty since AT&T moved in 2016,” said Sonny Jumani, president and partner of Tulfra. “Village Park is poised to bring jobs, tax revenue, and attractive living options to residents of Rochelle Park and neighboring communities.”
David DiStefano, market executive and senior vice president with First Bank, and Mark Kabakow, senior vice president and construction lending manager, represented the lender.
The HFF team of Managing Director Michael Klein and Senior Managing Director Jon Mikula worked on behalf of the borrower to place the four-year, fixed-rate loan.
“HFF is pleased to have represented Tulfra Real Estate once again and continue to help them grow their expanding self-storage portfolio,” Klein said. “First Bank provided the borrower with attractive deal terms, the flexibility that they were seeking and was able to move quickly in order to close within a condensed time frame.”
Located alongside Route 17, the property is adjacent to Westfield Garden State Plaza and provides easy access to Route 4, Route 208 and Interstate 80, Tulfra said.
