What's Happening?
A construction loan has been secured for the High Mountain Promenade, a multi-phase mixed-use development in North Haledon, New Jersey. The financing, arranged by JLL Capital Markets, will primarily fund the first phase of the project, which includes a three-story, 74,715-square-foot self-storage facility. This facility will be managed by Public Storage and will offer 55,394 rentable square feet of climate-controlled units. The development is a joint venture between Tulfra Real Estate and Hampshire Real Estate Companies. Future phases of the project will include 90 luxury apartments and 4,400 square feet of retail space with a drive-thru.
Why It's Important?
The financing of the High Mountain Promenade is significant as it represents a substantial investment in the local
real estate market, potentially boosting the economy of North Haledon. The development will provide much-needed housing and retail space, addressing the demand for luxury apartments and modern retail facilities. Additionally, the self-storage facility will be the only one serving the North Haledon area, filling a gap in the local market. This project could set a precedent for future mixed-use developments in the region, attracting more investors and developers.
What's Next?
As the project progresses, stakeholders will likely monitor the development's impact on the local economy and real estate market. The successful completion of the first phase could lead to increased interest in the subsequent phases, potentially accelerating the timeline for the luxury apartments and retail space. Local government and community groups may also engage with the developers to ensure the project aligns with community needs and expectations.
