Work began on a new apartment building in Rochelle Park recently, with Tulfra Real Estate‘s groundbreaking for The Delford.
The real estate and development company, which is based in the municipality, said Dec. 7 that JLL Capital Markets arranged a $34.8 million construction loan from Jersey City-based Provident Bank to start building.
Coming to 120 W. Passaic St. – with completion anticipated in 2024 – the six-story multifamily development will include 160 one- and two-bedroom residences.
According to Tulfra, Provident Vice President of Commercial Real Estate Robert McKee represented the bank, while JLL Senior Managing Directors Michael Klein and Jon Mikula represented the borrower in this transaction.
Amenities on tap
The Delford is set to include:
• high-end finishes • state-of-the-art appliances • on-site concierge • lounge space • rooftop terrace • coworking offices • fitness center • swimming pool with lounging deck and BBQ grills • covered parking in a two-story garage
The project is part of Tulfra’s Village Center of Rochelle Park, a mixed-use redevelopment project with 8,000 square feet of retail and a 100,000-square-foot self-storage facility. According to the firm, the latter component has since been sold to a sector operator, Columbia Self Storage.
Located directly adjacent to the Westfield Garden State Plaza shopping mall, The Delford will also offer ample connectivity to major roadways, including Routes 4, 17 and 208; Interstate 80; and the Garden State Parkway. New York is a 15-minute drive away via the George Washington Bridge, and public transportation options are available along Routes 4 and 17.
In a statement, Tulfra President and CEO Sonny Jumani expressed gratitude for the financing team. “Provident Bank has provided financing for many Tulfra projects over the past 20 years, and we value our relationship highly,” he said.