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, comes from First Bank and will primarily fund the first phase of the project. This phase includes a three-story, 74,715-square-foot self-storage facility. The development is a joint venture between Tulfra Real Estate and Hampshire Real Estate Companies. Located at 987 Belmont Ave, the project will also feature future 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 will be managed by Public Storage, marking it as the only
self-storage option in North Haledon.
Why It's Important?
The financing of the High Mountain Promenade project 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 residential and commercial space, addressing housing demands and offering new business opportunities. The inclusion of a self-storage facility managed by Public Storage adds a unique service to the area, potentially attracting more residents and businesses. This project could serve as a catalyst for further development in the region, enhancing property values and contributing to the local tax base.
What's Next?
As the first phase of the High Mountain Promenade project moves forward, stakeholders will likely focus on the construction and leasing of the self-storage facility. Future phases will involve the development of luxury apartments and retail spaces, which will require additional planning and financing. The success of the initial phase could influence investor confidence and impact the timeline for subsequent phases. Local government and community groups may also engage in discussions about the project's impact on infrastructure and community resources.
