Provident Bank Provides $34.8M Loan For MultiFamily Property In Rochelle Park

The Delford, a new 160-unit multifamily development located at 120 West Passaic St in Rochelle Park, NJ, is currently under construction with the assistance of a $34.8 million construction loan from Provident Bank. The upscale project will feature one- and two-bedroom homes along with various amenities such as lounge space, a rooftop terrace, co-working offices, and a fitness center. Situated near major roads and highways, the development offers a convenient location for residents.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $34,800,000.00
• Market: Rochelle Park
• Lender's Rep: Vice President, Provident Bank(Provident Bank)
• Borrower's Rep: Michael Klein(Liberty Realty), Michael Klein(JLL)
• Lender: Provident Bank

JLL senior managing directors Michael Klein and Jon Mikula played a pivotal role in arranging the financing on behalf of Tulfra Real Estate for The Delford project. The relationship between Tulfra and Provident Bank for financing extends over two decades, with Robert McKee, the Vice President of commercial real estate at Provident, representing the lender in this transaction. Sonny Jumani, the CEO and president of Tulfra, expressed gratitude towards the financing team and highlighted the strong partnership with Provident Bank.