Nuveen Real Estate Provides $44M Refi for New Jersey Apartment Complex
The Delford opened in 2024 and holds 160 units across its six stories
By Brian Pascus August 22, 2024 4:54 pm
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Tulfra Real Estate has secured $44 million to refinance The Delford, a 160-unit luxury apartment building that opened this year in Bergen County, N.J.
Nuveen Real Estate provided the five-year, fixed-rate loan, while a JLL Capital Markets Debt Advisory team of Michael Klein, Jon Mikula and Ryan Carroll arranged the financing.
“This transaction demonstrates the depth and strength of the capital markets for new multifamily projects in in-fill markets,” said Mikula in a statement.
Located at 120 West Passaic Street in the suburb of Rochelle Park — about 17 miles northwest of Midtown Manhattan — The Delford opened in 2024 and holds 160 units across its six stories.
The nearly 2-acre property, just south of Garden State Parkway Shopping center, contains 136 market-rate units and 24 affordable units. Amenities include an outdoor swimming pool, a coworking lounge, a bicycle storage room and a fitness center.
The property sits near both the NJ Transit’s Passaic Street station and Anderson Street train stations, giving residents easy access into Manhattan.
Tulfra Real Estate, a New Jersey-based firm that specializes in residential, retail, and self-storage assets, did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
