North Jersey multifamily projects secure $49M in funding

As developers work to fill New Jersey's rising housing needs, two new North Jersey multifamily projects recently secured funding.

Financing for the Bergen County projects came via JLL Capital Markets and Bayport Funding , respectively.

JLL secured a $44 million financing for The Delford in Rochelle Park on behalf of the borrower, Tulfra Realty Co. Nuveen Real Estate provided the five-year, fixed-rate loan.

The 160-unit luxury apartment complex will rise at 120 W. Passaic St., offering access to the greater North Jersey area as well as New York City, 16 miles away. The community posts a Walk Score of 82 . The "very walkable" area means "most errands can be completed on foot." Additionally, thecommunity offers direct access to Manhattan via NJ Transit's Passaic Street and Anderson Street stations.

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Closeup | The Delford

• Six stories



• One-, two- and three bedroom options



• Units feature: oversized windows, stainless steel appliances, wood-style flooring, private balconies



• Amenities include: outdoor swimming pool, coworking lounge, bicycle storage, fitness center, outdoor grilling and dining areas

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The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Klein and Jon Mikula and Vice President Ryan Carroll. “This transaction demonstrates the depth and strength of the Capital Markets for new multifamily projects in in-fill markets,” Mikula said.

Since 2010, Bergen County's population has increased by 6.4%, JLL noted; demand for housing remains high with low availability. The global commercial real estate and investment management company put the local vacancy rate at 2.8%.

Based in Rochelle Park, Tulfra started work on The Delford in 2022 with the help of a nearly $35 million construction loan provided by Jersey City-based Provident Bank. The Class A project spans nearly 2 acres. It includes 136 market-rate units and 24 affordable units.

Fort Lee

Meanwhile, Bayport Funding recently closed a $5.2 million loan for the acquisition of a development plot and construction of a new multifamily building in Fort Lee.

According to the N.Y.-based direct private bridge lender, the unnamed borrower will develop a ground-up, five-story project with seven units and nearly 25,000 square feet of residential space.

“New Jersey is one of the country’s most competitive rental markets, and Fort Lee has enjoyed a long-standing reputation as a desirable community with direct access to New York,” commented Bayport Funding CEO Marcia Kaufman. “This project is well-positioned to meet appreciating demand and deliver more densified housing to the area.”

Another multifamily option recently debuted in Fort Lee branded by a well-known automaker. The Fiat House (yes, there's a fleet of available cars for tenants) added more than 300 units to the market.

In June, RentCafe identified North Jersey as the third-hottest rental market nationwide . The website highlighted the challenge faced by renters in the area. In addition to a 96% occupancy rate, one of the highest nationwide, lease renewal rates were above 71%. According to RentCafe, each available North Jersey unit draws an average of 13 prospective renters.

Fort Lee offers a short commute to New York City, via the George Washington Bridge and ferry or rail service. Bayport highlighted that proximity to Manhattan, along with its lifestyle offerings, as a driver for residents, investors and developers alike.

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