A construction loan has been arranged for High Mountain Promenade, a multi-phase mixed-use development being built in North Haledon.
The loan from First Bank will primarily fund the first phase of the development, a three-story, 74,715-square-foot self-storage facility, according to a Jan. 29 statement by JLL Capital Markets.
JLL secured the financing for the project, which will be developed by a joint venture between Tulfra Real Estate and Hampshire Real Estate Companies.
The project is located at 987 Belmont Ave.
A portion of the financing will support future development phases that include 90 luxury apartments and 4,400 square feet of retail space with a drive-thru.
The self-storage facility will offer 55,394 rentable square feet of climate-controlled units and feature two floors with loading capabilities.
Public Storage will manage and lease the facility, which will be the only self-storage option serving North Haledon.
JLL’s Capital Markets Debt Advisory team, representing the borrower, was led by Senior Managing Directors Michael Klein and Jon Mikula, along with Director Ryan Carroll and Analyst Michael Donohoe.
