HFF Arranges $10M Financing for NJ Storage Development
The company has secured the loan through the Bank of New Jersey for the construction of a 925-unit self-storage facility located in Nutley, N.J.
By Evelyn Jozsa
10 Kingsland, Nutley, N.J
Tulfra Real Estate has received $10.2 million in financing for the development of a 125,000-square-foot self-storage development in Nutley, N.J. HFF secured the loan through the Bank of New Jersey. CubeSmart will be the manager of the facility. In February, HFF also secured a construction loan for a CubeSmart-managed property located in Uptown Charlotte, N.C.
The new development will be situated at 10 Kingsland St., at the border of Nutley and Clifton, near State Route 3, the region’s retail corridor. Additionally, the storage location provides access to Garden State Parkway and Interstate 95. The area is densely populated; around 247,000 people live within a three-mile radius, with a median income of roughly $70,000. The trade area offers around 1.7 net rentable square feet per capita.
The storage building will comprise 765 climate-controlled and 160 non-climate-controlled units. Other features of the facility will include retail space for selling supplies and truck rental options.
“HFF is pleased to have placed yet another loan for Tulfra Real Estate,” said Michael Klein, managing director at HFF, in prepared statements. “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.”
Image courtesy of HFF
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