Nuveen Real Estate Provides $44M Refi for New Jersey Apartment Complex

The Delford opened in 2024 and holds 160 units across its six stories

reprints


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. 

SEE ALSO: Prime US REIT, KBS Secure $550M Refi of Office Portfolio

“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