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.”
