JLL Capital Markets on Thursday announced it orchestrated a $34 million construction loan for the development of a multi-housing property at 920 Belmont Ave. in North Haledon.

JLL worked on behalf of the borrowers, Tulfra Real Estate and The Hampshire Cos., to secure the loan through Investors Bank. The development is expected to be completed in 2021.

The 180-unit, affordable luxury apartments will contain modern amenities including a fitness center, lounge area, coworking space, pet wash center, bike storage, outdoor pool and patio area with grilling stations and a fire pit.

The development is also located near northern and central New Jersey and New York City’s most prominent employment centers. Situated for those wanting easy access to urban life, the property is within a 5-mile radius of three train stations: Glen Rock Borough Hall, Hawthorne Station and Paterson Station with access to Hoboken, Jersey City and Manhattan. Nearby highways include New Jersey Route 208, Interstates 80 and 287, and The Garden State Parkway. Additionally, 920 Belmont Ave. is just less than 1 mile from William Paterson University, and residents will benefit from a variety of shops, restaurants and entertainment that support the university.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein.

“We are pleased to have been able to close this transaction on behalf of Tulfra Real Estate and The Hampshire Cos. despite the difficult market conditions we are working in,” stated Klein. “The bank really stepped up and was able to provide a structure that met the unique nuances of this project.”

“This project has been years in the making and will finally come to fruition due to the persistent efforts of the borrower,” continued Mikula. “Kudos to Investors Bank for helping us get to the finish line during COVID.”