Premier retail development secures construction financing in Belleville, NJ

MORRISTOWN, N.J., Oct. 14, 2025 – JLL Capital Markets announced today that it has secured construction financing for 11 Franklin Avenue, a prime retail project located in Belleville, Essex County, New Jersey.

JLL worked on behalf of the borrower, Tulfra Real Estate and the Hampshire Companies, in arranging the floating-rate loan through First Bank.

The property was acquired as part of the Roche Diagnostics Redevelopment Area, an 18.7-acre parcel in Belleville, New Jersey. The first building opened in October 2022 and is fully leased to Starbucks. The second building will house three restaurant tenants. Chipotle has executed a long-term lease, while negotiations continue with two other national retailers.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula, Director Ryan Carroll and Analyst Kevin Badger.

"This property’s prime location featuring excellent visibility and access to major roadways in one of Essex County's most dynamic retail corridors, combined with a strong tenant roster including national brands like Starbucks and Chipotle, made this an attractive financing opportunity," said Carroll. "Tulfra andHampshire have established an impressive track record as major redevelopers throughout New Jersey. Their vision for transforming this former Roche Diagnostics site into a thriving mixed-use development continues to attract high-quality tenants and create significant value."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Tulfra Real Estate, a Rochelle Park, New Jersey-based development company, has transformed into a major redeveloper for municipalities and corporations throughout New Jersey, owning or developing more than $1 billion in commercial and industrial properties over four decades. The company specializes in helping communities maximize development potential of underutilized assets across various classes including commercial, hotels, healthcare and residential properties that generate jobs and tax revenue.

First Bank is a New Jersey state-chartered bank with 26 full-service branches in New Jersey, Pennsylvania and Palm Beach, Florida. With $4.02 billion in assets as of June 30, 2025. First Bank offers a traditional range of deposit and loan products to individuals and businesses mainly throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market exchange under the symbol “FRBA”.