8A — January 13 - 26, 2017 — Financial Digest — M id A tlantic

Real Estate Journal


F inancial D igest

Developer, a joint venture partnership between Tulfra Real Estate &The Hampshire Companies HFF arranges $12.2 million construction financing for development of New Jersey self storage facility T

otowa, NJ — Holli- day Fenoglio Fowler, L.P. (HFF) has ar- ranged $12.2 million in con- struction financing to reposition a light industrial building into a 1,246-unit, class A self storage facility in Totowa. HFF worked on behalf of the developer, a joint venture partnership between Tulfra Real Estate and The Hamp- shire Companies , to place the construction loan with M&T Bank . Tulfra purchased the larger 225,336 s/f light indus- trial building, which was 46%

leased at the time of purchase in February 2015 at a substantial discount. Tulfra has since cre- ated significant value by sub- dividing the facility into three condominium units. The future two-story self stor- age facility will comprise 1,235 climate- and 11 non-climate controlled units situated in 105,536 s/f of the light indus- trial building at 930 North Riverview Dr. The facility will be situated at a signalized intersection along North Riverview Drive within a densely-populated residential and commercial area within the Passaic County Self Stor- age submarket. The property’s location provides immediate access to Route 46, one of the primary east-west arteries and retail corridors in the region. There are more than 90,640 residents living within a three- mile radius of the property, with a 1.25 percent growth to 91,775 residents projected by 2020. The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and man- aging director Michael Klein . Largo, MD — HFF an- nounced that it has secured a $14.14 million refinancing for DoubleTree by Hilton Hotel Largo/Washington D.C., a 184- room, full-service hotel in the Washington, D.C. community of Largo. HFF worked on behalf of the borrower, Frontier Develop- ment & Hospitality Group, to secure the seven-year, 4.1-per- cent, fixed-rate, non-recourse loan through a financial in- stitution. Loan proceeds were used to refinance an existing construction loan used to ac- quire, renovate and rebrand the hotel from a Radisson into a DoubleTree. The financing also enabled the release of excess land that had been encumbered by the previous loan. Named the No. 1 hotel on Tri- pAdvisor for the Largo market, the newly-renovated Double- Tree by Hilton Hotel Largo/ Washington D.C. is the only Hilton-branded hotel in the Largo, Landover and Hyatts- ville business corridor. The six-story hotel features 2,700 square feet of meeting space; an indoor, heated swimming pool; fitness center; business center; market pantry and two food and beverage options, XC BAR & BISTRO and the SC LOUNGE. n

930 North Riverview Drive

The lending team dedicated to making it happen. ~ Specializing in multi-family lending, loans up to $6 million ~

Sean Howland Vice President and Loan Officer

Monte Ehrenkranz Vice President of Business Development

570 West Mount Pleasant Avenue | Livingston, NJ 973-577-7160 | regalbanknj.com

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