Totowa Business Center at 930 Riverview Drive in Totowa — Courtesy: Tulfra Real Estate
By Joshua Burd
Tulfra Real Estate has landed a $6 million loan for a parking parcel at the site of a 225,000-square-foot commercial building in Totowa.
The firm, which uses the lot for long-term parking rentals, noted that the property is part of what’s known as the Totowa Business Center at 930 Riverview Drive. The newly created value helped it secure the construction-to-permanent financing with Provident Bank, in a transaction brokered by Cronheim Mortgage.
“Our mission is to return value to underperforming properties, and sometimes, the right solution takes some creative thinking,” said Sonny Jumani, Tulfra’s CEO and president. “Our ability to find inventive ways to generate value in every property type is our contribution to the townships and municipalities who want these underutilized properties to be a success for the benefit of the community.”
In a news release, Tulfra said Provident Vice President Robert McKee served as the lending officer in the deal, while Cronheim’s Janet Proscia and David Turley sourced the loan. It comes around seven years after the Rochelle Park-based firm purchased the Totowa Business Center, leading to a series of key upgrades to help the two-story facility attract long-term tenants.
According to Jumani, current tenants include Amazon and HelloFresh.
“Totowa Business Center is the ideal place for long-term parking because of its proximity to major thoroughfares like (interstate) and routes 46 and 23,” Jumani said. “That ease of access is crucial for a business that relies on rapid, on-time delivery.”