$44M financing secured for newly built luxury apartments in Northern New Jersey

MORRISTOWN, N.J., Aug. 22, 2024 – JLL Capital Markets announced today that it has secured a $44 million financing for The Delford, a 160-unit luxury apartment community in Rochelle Park, Bergen County, New Jersey.

JLL represented the borrower, Tulfra Realty Company, in securing the five-year, fixed-rate loan through Nuveen Real Estate.

Situated at 120 W. Passaic St., The Delford is ideally located within the inner ring of the greater New York Metropolitan area, providing excellent highway access to New York City and northern New Jersey. With a Walk Score® of 77, the community is highly walkable and conveniently surrounded by grocers, retail markets and notable destinations like MetLife Stadium and the American Dream complex. Additionally, the community offers direct access to Manhattan via NJ Transit’s Passaic Street and Anderson Street train stations.

Situated a mere 16 miles from the bustling metropolis of New York City, Rochelle Park enjoys the advantages of Bergen County's affluent demographics. The county's population has experienced a 6.4% increase since 2010, fueling high-demand for housing. This desire has led to a scarcity of available rental units, evident by a low vacancy rate of just 2.8%. The average household income of $162,656 lures those seeking a luxurious lifestyle, especially considering the steep median home price of $725,000, making the market predominantly favorable for renters.

The Delford is a newly developed Class A luxury apartment community, offering one-, two- and three-bedroom options, all equipped with high-quality finishes and top-notch amenities. Residents of the six-story building can enjoy an outdoor swimming pool, a coworking lounge, bicycle storage, a state-of-the-art fitness center and outdoor grilling and dining areas. The units feature oversized windows, stainless steel appliances, wood-style flooring and private balconies, providing residents with an exceptional living experience unmatched in this area. Spanning 1.94 acres, the community comprises 136 market-rate units and 24 affordable units.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Ryan Carroll.

“This transaction demonstrates the depth and strength of the Capital Markets for new multifamily projects in in-fill markets,” said Mikula.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Tulfra Realty is a dynamic redevelopment company that specializes in revitalizing neglected and underperforming sites. With expertise in residential, self-storage, retail, and industrial projects, they work closely with lenders and local government bodies to unlock the full potential of these properties. Tulfra is renowned for its ability to maximize value, enhance the aesthetic appeal of communities, and successfully deliver transformative developments that benefit both investors and the surrounding area.