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Tulfra Real Estate -- a local real estate redevelopment company -- announced a $10.3 million construction loan for the Passaic Street facility, funded by First Bank in Hamilton.
Proceeds from the loan will be used to construct a 100,000-square-foot, 823-unit self-storage facility on approximately two acres of a larger mixed-use site, which has been rebranded as Village Center of Rochelle Park.
The 7.5-acre site is currently home to a two-story, 55,000-square-foot concrete building. The new self-storage facility will be managed by CubeSmart.
“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 Real Estate.
“Village Park is poised to bring jobs, tax revenue, and attractive living options to residents of Rochelle Park and neighboring communities.”
According to Jumani, construction of the self-storage facility has already been approved by Rochelle Park officials.
The property has been touted as one of the best real estate development sites in Bergen County -- located adjacent to the Garden State Plaza.
David DiStefano, market executive and senior vice president, and Mark Kabakow, senior vice president/construction lending manager, represented the lender.
Village Center is one of several redevelopment projects under Tulfra’s management. The company is also spearheading the redevelopment of the former Roche Diagnostics property in Belleville, a mixed-use project that includes a Wawa convenience store, an Extra Space self-storage facility and up to 500,000 square feet of other uses including office, medical, senior housing; a 20-acre, 180-unit rental apartment development in North Haledon; and a 225,000 square-foot flex/tech/self-storage building at 930 Riverview Drive in Totowa.
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