Real Estate Journal — Northern New Jersey — March 15 - 28, 2019 — 11B
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EST CALDWELL, NJ — Tulfra Real Estate , a real estate First phase of construction nearing completion at Park 11 in Belleville, New Jersey Provident Bankprovides $11.7million infinancing for Tulfra’s 670 Passaic Ave. in West Caldwell, NJ W and visitors alike benefit from the improvements we make to properties we acquire.” home of Roche Diagnostics. The property was acquired in 2015 with a master-planned, mixed- use complex in mind.
Located adjacent to the Clara Maass Medical Center and across the street from Branch Brook Park, the property is in the heart of one of New Jersey’s largest residential centers, with more than 350,000 residents within three miles of the site. It is at the crossroads of major highways, easily accessible from the Garden State Pkwy., New Jersey Tpke., and routes 21, 3, and 17. Park 11 is also just a few miles from Newark Liberty International Airport and just 11 miles from NYC.
investment, management and develop- me n t c om - pany based in Rochelle Park a n n o u n c e d t ha t i t ob - tained $11.7 million in fi- nancing for 670 Passaic Ave., West Caldwell. The loan includes a $6.1 mil- lion permanent loan secured by a long-term net lease to Case- It, a binders and office supply manufacturer, and a separate $5.6 million construction loan for a 760-unit, 41,000 s/f self- storage facility. Tulfra plans to complete the construction of the self-storage facility by early summer. The loan was provided by Provident Bank in Iselin. Provident was represented by Walter Sierotko , executive vice president, director of real estate and Robert McKee , assistant vice president. Tulfra was represented by Frank Vi- cendese of VMRMortgage of Toms River, and by Sills Cum- mis & Gross PC of Newark. “The initial redevelopment of 670 Passaic Ave. was the beginning of our investment in this property,” said Sonny Jumani , partner and president of Tulfra Real Estate. “This new financing allows us to complete our project. With the help of the mayor and the township of West Caldwell, this project is now a reality.” Tulfra acquired the property from an Arizona-based invest- ment group and renovated the property to its standards. In Belleville, the first stage of construction is complete at Park 11, a 500,000 s/f master planned mixed-use develop- ment. The redevelopment project is a joint venture between Tulfra Real Estate, redeveloper for the Township of Belleville, and The Hampshire Companies . The longtime partners have a decades-long relationship, developing more than three million s/f together. “The first phase of construc- tion sets the stage for complete transformation of this proper- ty,” said Jumani. “We are proud to play a part in transforming this large, centrally-located area into a new hub for com- merce in Belleville.” Sonny Jumani
Wawa has inked a 25-year ground land lease for two acres on the property, while Extra Space Storage plans to con- struct a standalone self-storage facility on the portion of the property facing Franklin Av- enue. According to Jumani, construction of both facilities has commenced. “Tulfra Real Estate special- izes in transforming outdated properties into revenue-gener- ating developments,” Jumani said. “Municipalities, residents,
670 Passaic Ave.
The first phase of construc- tion at Park 11 included the completion of a new retaining wall, construction of a new road, development of utili- ties, and graded pads for the
property’s self-storage facility, convenience store, retail space, pharmacy, and quick service dining. According to Jumani, the 20-acre property is the former
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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