Tulfra Real Estate Archives

With $34.8M construction loan, Tulfra starts work on Rochelle Park apartments

Tulfra Real Estate held a groundbreaking for Rochelle Park apartments: its forthcoming 160-unit complex, The Delford coming to Rochelle Park, in December 2022. Pictured from left: Seth Levy, Sordoni Construction; Michael Klein, Jon Mikula and Ryan Carroll, JLL; Robert McKee, Provident Bank; Sonny Jumani, Tulfra Real Estate; Bert Coelho, Mulhern + Kulp Structural Engineering; Salvatore Frassetto, Tulfra; Daniel Kee, Mulhern + Kulp; Debbie Gregg, Sills Cummis Gross; Adam Alexander, Bohler; Cecilia Lassiter, Sills Cummis Gross; Michael St. Pierre, SESI Consulting Engineers — Tulfra Real Estate held a groundbreaking for The Delford in Rochelle Park. Pictured from left: Seth Levy, Sordoni Construction; Michael Klein, Jon Mikula and Ryan Carroll, JLL; Robert McKee, Provident Bank; Sonny Jumani, Tulfra Real Estate; Bert Coelho, Mulhern + Kulp Structural Engineering; Salvatore Frassetto, Tulfra; Daniel Kee, Mulhern + Kulp; Debbie Gregg, Sills Cummis Gross; Adam Alexander, Bohler; Cecilia Lassiter, Sills Cummis Gross; Michael St. Pierre, SESI Consulting Engineers – TULFRA REAL ESTATE

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.

ICYMI:

Molly Brook on Belmont sells for $89M (updated)

Molly Brook on Belmont hit full occupancy less than 12 months after it launched leasing. Following 10 years of planning, entitling, building and leasing the Passaic County apartment complex, the joint venture behind it has sold the 180-unit property.

Tulfra Real Estate and The Hampshire Cos. announced the $89 million sale of the upscale community located in North Haledon to JLL Income Property Trust Oct. 5.

Cushman & Wakefield‘s Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the seller and procured the buyer.

“This transaction was a culmination of months of hard work by many professionals and we are grateful to all of them for their efforts and for making this transaction happen,” said Sonny Jumani, president and CEO of Rochelle Park-based Tulfra.

Molly Brook on Belmont offers resort-style amenities and unique outdoor features. It is professionally leased and managed by Bozzuto Management, which will continue in that role under the new ownership.

Gretchen Wilcox, Al Raymond, and Wesley Wilcox of G.S. Wilcox & Co. served as mortgage brokers for the transaction. In September, that firm announced it arranged $52 million in financing for the community on behalf the JV partners.

Ted Millspaugh and James Moxley of Venable, and Lucille Karp and Jim Ray of McElroy Deutsch served as the buyer’s counsel; Debbie Gregg and Cecilia Lassiter of Sills Cummis & Gross represented the seller.

The lender’s counsel was David Ebby and Steve Anella of Faegre Drinker Biddle & Reath. The lender was undisclosed.

JLL Income Property Trust is an institutionally managed, daily NAV REIT with more than $7 billion in assets under management.

Editor’s note: This story was updated at 11:09 a.m. ET to update the county to Passaic.

G.S. Wilcox arranges $52M financing for North Haledon multifamily

G.S. Wilcox & Co. said Sept. 7 that the firm recently arranged $52 million in financing for a luxury multifamily community in North Haledon.

The Morristown-based commercial real estate mortgage banking firm sourced the 20-year term loan through one of its correspondent lenders on behalf of Tulfra Real Estate and The Hampshire Cos., the joint venture partners behind Molly Brook on Belmont.

Located at 920 Belmont Ave., the property recently reached full occupancy—a milestone that it was able to achieve in less than a year of leasing at the four-building, 180-unit complex.

The financing was arranged by President Gretchen Wilcox, Partner Wesley Wilcox and Principal Al Raymond.

Molly Brook on Belmont’s units are well appointed and the community includes amenities, including a fitness center and pet park.

“The limited supply of new, high-quality, units in this market combined with the excellent track record of the borrower, produced a quick lease-up period and highly favorable terms from our correspondent lender. We were also able to lock a very advantageous rate six months prior to closing,” said Wilcox in a prepared statement.

Passaic County’s Molly Brook on Belmont 100% leased in under a year

Molly Brook on Belmont in North Haledon reached lease-up in 10 months, joint venture partners Tulfra Real Estate and The Hampshire Cos. announced July 22, 2022.- TULFRA REAL ESTATE

Molly Brook on Belmont hit full occupancy less than a year after leasing launched at the luxury rental community in North Haledon.

Tulfra Real Estate and joint venture partner The Hampshire Cos. announced the milestone July 22. Together, the collaborators invested 10 years in the project situated at the center of the city’s redevelopment zone.

“We are proud that we have achieved our leasing goal so quickly,” Tulfra Real Estate Asset Manager Marcus Lee said in a statement. “It took us 10 months to reach 100% lease-up.”

The 180-unit property – which offers a mix of one- and two-bedroom residences – is inspired by the area’s Revolution War roots. And its name, comes from the brook that runs alongside the property.

Babbling brook

According to its developers, Molly Brook on Belmont is an homage to Dirck and Molly Van Houten, who settled along the waterway in the late 18th century. The banks also provided a campsite for General Marquis de Lafayette’s soldiers.

Units offer stainless steel LG appliances, luxury tile bathrooms, walk-in closets and laundry. The property is anchored by a clubhouse, which features a private kitchen, lounge, fitness center and a resort-style pool. Outside, available activities include a walking trail, grilling stations, bike storage and a dog park.

“When we set out to create this beautiful community and lifestyle, we knew we had something special—and that we would become the rental destination of choice in northern New Jersey. We received accolades from all over the state for Molly Brook,” said Tulfra President and CEO Sonny Jumani. “We are proud that our residents embrace our product and vision, and we look forward to bringing this luxury brand to other communities through New Jersey.”

“Tulfra is committed to meeting the rising demand for Class A housing and residents’ expectations for amenities that make their lives easier and comfortable,” he added.

Tulfra secures permanent loan to bring leased parking to Totowa Business Park

Rochelle Park-based Tulfra Real Estate acquired the Totowa Business Center, located at 930 Riverview Drive in Totowa in 2015.

Tulfra Real Estate announced recently that the firm secured a $6 million construction-to-permanent loan for the parking parcel at the Totowa Business Center, where current tenants include Amazon and Hello Fresh.

Provident Bank of Jersey City provided the funding, Tulfra said, with Vice President Robert McKee serving as lending officer on the transaction. Janet Proscia and David Turley of Chatham’s Cronheim Mortgage served as mortgage brokers.

According to Tulfra President and CEO Sonny Jumani, the long-term parking rentals are a creative way to add value to the property located at 930 Riverview Drive in Totowa.

“Totowa Business Center is the ideal place for long-term parking because of its proximity to major thoroughfares like I-80 and Routes 46 and 23,” Jumani said in a statement. “That ease of access is crucial for a business that relies on rapid, on-time delivery.”

Rochelle Park-based Tulfra acquired the complex in 2015. Since then, the firm says it has invested in capital improvements at the 225,000-square-foot, two-story property in an effort to attract long-term tenants.

In the fall, Tulfra sold four of those units — for a cumulative 64,584 square feet — to longtime tenant Emergence Church.

“Our mission is to return value to underperforming properties, and sometimes, the right solution takes some creative thinking,” Jumani said. “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.”

Park11 in Belleville secures $6.37M construction loan

New financing will help bring three additional retail pads to Park11 in Belleville, where Starbucks has become the latest retailer to sign on with a long-term lease at the redevelopment.

Tulfra Real Estate announced March 8 that it secured a $6.37 million construction loan from lender First Bank.

“This funding fuels the next stage of growth for Park11, in line with our mission to bring value back to underperforming properties across New Jersey,” said Tulfra President and CEO Sonny Jumani in a statement.

Park11 is a 20-acre, mixed-use development in Belleville. – TULFRA REAL ESTATE

Park11 is a 20-acre mixed-use development located next to Clara Maass Medical Center at the corner of Franklin Avenue and Mill Street in Belleville. The redevelopment is a joint venture between Tulfra, redeveloper for the Township of Belleville, and The Hampshire Cos. The partners acquired the site in 2015, which was then the vacant, former home of Roche Diagnostics. Site work was completed in 2020, which included the installation of a traffic light and roadways throughout the master-planned community hub.

Jumani added that the addition of Starbucks “personifies the type of world-class tenants” that the property is attracting.

In late 2018, Wawa signed a ground lease for 2 acres at Park11, opening its convenience store and gas station in 2020. A 110,000-square-foot Extra Space Storage, which boasts four stories and 807 units, is now open at the property, as well, under a long-term ground lease.

First Bank Senior Vice President and Investment Real Estate Manager Michael Cook served as lending officer for the deal; JLL’s Jon Mikula and Michael Klein represented Tulfra.

Tulfra Real Estate sells commercial condominium building for $7.325M

A 37,000-square-foot commercial condominium building situated on 5.5 acres in Morris County recently changed hands.

Tulfra Real Estate announced the sale of 60 S. Jefferson Road in Whippany for $7.325 million. According to the firm, Progress Realty Partners of Tinton Falls purchased the property, with a team from Marcus & Millichap’s Saddle Brook office – featuring Alan Cafiero and Mark Gjonbalaj – acting as procuring brokers on the sale.

The seller’s lender is Leo Faresich of ConnectOne Bank in Englewood Cliffs.

Since it was acquired in 2014, the property has been brought to full occupancy, according to Tulfra President and CEO Sonny Jumani. “Our mission is to bring value to underutilized properties that show tremendous potential to enhance their communities and produce income for the municipalities in which they’re located,” he said in a statement. “The closing of this sale is proof that investing back into promising real estate is a win for municipalities, companies, and communities alike.”

60 S. Jefferson Road in Whippany. – TULFRA REAL ESTATE

Tulfra invested in interior renovations to support the property’s long-term tenants, particularly those in the light industrial and tech space, according to Jumani.

Inside, 60 S. Jefferson Road also received upgrades to its electric, lighting and restrooms. Outside, new entryways, architectural glass, loading doors and landscaping were added; the parking lot was also repaved.

Current tenants at the property include Spectrum360, Desktop Metal, Area Wide Protective (AWP), Langan Engineering and Multivac, Tulfra said.

Spectrum360, a therapeutic rehabilitation program for those with special needs, entered a 10-year lease for 15,598 square feet at the property last year. Meanwhile, Desktop Metal – a publicly traded startup specializing in 3D printing – also signed onto a lease agreement in 2021, covering 7,571 square feet for five years.

“60 South Jefferson has proven to be a very successful investment for our company,” said Jumani. “We work tirelessly to identify these underperforming assets and maximize value for our owners and partners.”

Tulfra Real Estate sells four units in Totowa Business Center

Rochelle Park-based Tulfra Real Estate on Sept. 8 said it sold four units totaling 64,584 square feet at Totowa Business Center to longtime tenant Emergence Church.

Harry Rosen of Pompton Plains-based DL Rosen & Co. acted as the procuring broker, while Alan Cafiero from Marcus & Millichap in Saddle Brook acted on behalf of the seller.

“Emergence Church has built a large, warm, and engaging congregation out of its space in the Totowa Business Center and has seen tremendous growth and success,” said Marcus Lee, asset manager, Tulfra Real Estate.

Totowa Business Center, 930 Riverview Drive, Totowa. – TULFRA REAL ESTATE

Located at 930 Riverview Drive in Totowa, Emergence Church relocated to the Center in 2011 to accommodate its growing congregation. The church runs services and operates a daycare center out of this location.

“With this acquisition, Emergence Church is building a permanent home and headquarters as it continues to serve the spiritual needs of worshipers throughout North Jersey,” Lee said.

Tulfra Real Estate acquired the Totowa Business Center in 2015. The two-story property totals 225,000 square feet of mixed-use space.

Prior to the sale of Units B3, B4, B5 and B7 to Emergence Church, Tulfra sold a 91,000-square-foot, 1,500-unit self-storage facility to Extra Space Storage for $19.5 million. It also sold 27,000 square feet to a private investor for $5 million in 2018; Tyco Integrated Security is the current occupant of that space and will be until 2030.

Other Totowa Business Center tenants include the County of Passaic, which acquired a 27,000 square foot office in December 2016 to house its Departments of Senior Services, Disability, and Veterans Affairs; and RDD Associates, a food brokerage firm.

“Totowa Business Center is easily accessible from Routes 23 and 46 and Interstate 80, attracting customers, congregants, and employees from all over North Jersey with ease,” Lee said.

Tulfra Real Estate inks long-term lease with 3D printing company

Tulfra Real Estate announced on Aug. 10 that 3D printing system company Desktop Metal signed a five-year lease for 7,571 square feet at 60 S. Jefferson Road in Whippany.

According to Marcus Lee, asset manager of Tulfra Real Estate, the Burlington, Mass.-based public company will use the space to continue research and development on metal 3D printing technologies.

The broker on the transaction was Hugh Scullin of Katz & Associates in Englewood Cliffs; Nancy Tuckman of Newmark Associates in Cedar Knolls represented Tulfra Real Estate.

Named a technology pioneer by the World Economic Forum, Desktop Metal is regarded as one of the fastest-growing unicorn startups in United States history, evaluated at more than $1 billion. The company currently offers several variations of its 3D printing technology geared to different materials, industries, and use cases. Desktop Metal Recently released an AI-driven software called Live Parts, which automatically generates printable object designs which can be used with any 3D printing system.

“Desktop Metal offers a unique and valuable service unlike anything else in northern New Jersey, and a light industrial/tech space is precisely what they need to accommodate their 3D printing equipment,” Lee said.

60 S. Jefferson Road is in proximity to highly trafficked thoroughfares and to major cities. The property is minutes from Routes 10 and 24; Interstates 287, 280 and 80; close to the Morristown and Newark Liberty International airports; and just over 30 miles to midtown Manhattan.

Tulfra Real Estate acquired the 5.5-acre, 57,000-square-foot former manufacturing site in 2014. Under the firm’s direction, the property has undergone significant renovation inside and outside to cater to light industrial/tech clientele like Desktop Metal. The building was divided into separate units to be leased out to smaller companies for light industrial use. Among the upgrades were updated electric, new lighting, new bathrooms, new entryways, architectural glass, loading doors, a new roof, and improvements to the parking lot and grounds.

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