Construction loan arranged for NJ multi-phase mixed use project; self-storage facility to be the first stage of development

MORRISTOWN, N.J., Jan. 29, 2026 –  JLL Capital Markets announced today that it has arranged construction financing for High Mountain Promenade, a mixed-use project consisting of 4,400 square feet of retail, a 74,715-square-foot self-storage facility and 90 luxury apartments in North Haledon, New Jersey.

JLL worked on behalf of the borrower, a joint venture between Tulfra Real Estate and Hampshire Real Estate Companies, to secure the construction loan with First Bank. Loan proceeds will be primarily used to construct the self-storage facility, and a portion will be used for future development that will include 90 apartments and 4,400 square feet of retail with a drive-thru.

When complete, the self-storage facility at High Mountain Promenade will be a three-story building encompassing 74,715 square feet (55,394 rentable square feet). All of the units will be climate-controlled, and it will offer two floors of loading ability. The project will be leased-up and managed by Public Storage.

High Mountain Promenade, located at 987 Belmont Ave, will be the only self-storage facility serving North Haledon. The property is strategically positioned in central Passaic County, surrounded by dense population centers, including Wayne and William Paterson University. Within a three-mile radius, the facility will serve an estimated 151,308 residents as of 2025.The market fundamentals strongly support self-storage demand, with 49% of housing units within the three-mile radius being renter-occupied. 

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

"This transaction exemplifies the strong fundamentals driving self-storage investment today," said Carroll. "Tulfra and Hampshire excel at identifying prime development sites like High Mountain Promenade. This strategic location offers high rental occupancy with limited existing supply. The competitive interest from multiple lenders, with First Bank providing the most favorable terms, reflects both the market opportunity and our client's proven development experience."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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Tulfra Realty Company is a New Jersey-based real estate developer involved in the residential, self-storage and retail sectors. To learn more, please visit: www.tulfra.com.

The Hampshire Companies is a full-service, private real estate investment and development firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments.

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.