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Nuveen Real Estate Provides $44 Million Loan For Tulfra Realty Company's 160-Unit Multifamily Asset

Property Image
FINANCED
$44,000,000
Ryan Carroll
Jon Mikula
Michael Klein

New Jersey

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MultiFamily
Financed 08/22/2024
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Property Image
FINANCED

Nuveen Real Estate Provides $44 Million Loan For Tulfra Realty Company's 160-Unit Multifamily Asset

120 West Passaic Street

See Similar Deals
MultiFamily
Financed 08/22/2024
Ryan Carroll
Jon Mikula
Michael Klein
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:MultiFamily
Transaction Type:Loan

The Delford is a luxury multifamily apartment complex located at 120 West Passaic Street in Rochelle Park, NJ, featuring 160 units and supported by a financing amount of $44,000,000. The asset is characterized by low vacancy rates and high demand, situated only 16 miles from New York City, offering top-tier amenities.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $44,000,000
  • Market: Rochelle Park
  • Lender: Nuveen Real Estate
  • Landlord: Tulfra Realty Company
  • Brokers: Jon Mikula, Michael Klein & Ryan Carroll - JLL
  • Loan Terms: five-year

JLL Capital Markets facilitated the financing for this transaction, highlighting the key roles of Jon Mikula, Michael Klein, and Ryan Carroll in representing the stakeholders involved. The financing was secured for The Delford, emphasizing its strong positioning in the real estate market.

Players

Michael Klein
JLL
Michael Klein
77 deals$2.6B volume(973) 549-2005
BROKER
Jon Mikula
JLL
Jon Mikula
42 deals$1.8B volume(973) 549-2006
BROKER
Ryan Carroll
JLL
Ryan Carroll
25 deals$936.9M volume
BROKER
Nuveen
Nuveen
LENDER

Details

FINANCED
IMAGE: Jon Mikula, Michael Klein & Ryan Carroll DATE: 08/22/2024 ADDRESS: 120 West Passaic Street MARKET: Rochelle Park ASSET TYPE: Multifamily ~ UNITS: 160 LENDER: Nuveen Real Estate LANDLORD: Tulfra Realty Company BROKERS: Jon Mikula, Michael Klein & Ryan Carroll - JLL (@JLL) LOAN AMOUNT: $44,000,000 LOAN TERMS: five-year NOTE: JLL Capital Markets secured $44M in financing for The Delford, a luxury 160-unit apartment complex in Rochelle Park, NJ, backed by Nuveen Real Estate. With low vacancy rates and high demand, The Delford offers top-tier amenities just 16 miles from NYC.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$44,000,000.00

Monthly NOI$293,333.33
Monthly Debt Service$278,109.93
Change in Cash Flow$0.00
Refinance Proceeds$0.00