West Caldwell Developer Gets $7.2 Million Loan

Caldwell, NJ - Holliday Fenoglio Fowler (HFF) announced on Tuesday that it has arranged $7.2 million in construction bridge financing to reposition 670 Passaic Avenue, a 112,413-square-foot light industrial facility in West Caldwell.

According to a company news release, HFF worked on behalf of the borrower, Tulfra Real Estate, to place the three-year, floating-rate bridge loan with Lakeland Bank.

Proceeds will be used to make capital and tenant improvements to reposition 670 Passaic, which is currently vacant, into a Class A light industrial and technical center building with new tenant entries and architectural glass, the company announced.

Exterior upgrades will include a new roof, loading doors, signage and landscaping.

Situated on seven acres in West Caldwell, 670 Passaic is located within the local industrial market, which currently boasts an occupancy rate of 95 percent, according to a release.

The HFF debt placement team representing the borrower was led by director Michael Klein and senior managing director Jon Mikula.

“Because Lakeland Bank quickly understood the market and the borrower’s plans, the bank was able to provide a very flexible loan structure that will enable Tulfra to execute its vision for the property,” HFF Director Michael Klein said. “We’re pleased that we were able to work with Tulfra and Lakeland Bank on this transaction, which went smoothly.”

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