JV Lands $34M for New Jersey Affordable Luxury Project
- Aug 21, 2020
A joint venture between The Hampshire Cos. and Tulfra Real Estate has received a $34 million construction loan for a 180-unit, affordable luxury housing project in North Haledon, N.J. Investors Bank provided the financing package. The developer expects to wrap up construction in 2021.
Located at 920 Belmont Ave., the 20-acre site had environmental problems and zoning restrictions. The partnership managed to resolve these issues and rezone the parcel for residential development. The community’s unit mix will be split between 90 one-bedroom floorplans and 90 two-bedroom apartments. The amenity package will include a gym, swimming pool, outdoor barbecue stations and bike storage.
The property is a short distance from William Paterson University and the High Mountain Park Preserve. Additionally, the site is 21 miles northeast of Midtown Manhattan. Multifamily assets in the Passaic County submarket represent approximately 29.3 percent of the local market inventory, encompassing 6,278 units in 112 properties, according to JLL data.
The debt placement team which facilitated the construction financing for the borrower included JLL Managing Directors Jon Mikula and Michael Klein. In June, the duo was part of a team which secured a $48.8 million construction loan for the development of Print House by Vermella, a 272-unit project in Hackensack, N.J. City National Bank originated the five-year loan for a partnership between The Hampshire Cos., Russo Development and Fourth Edition.