Construction financing for High Mountain Promenade, a transformative multi-phase development at 987 Belmont Ave. in North Haledon has been arranged by JLL Capital Markets. The project will introduce the borough’s first institutional-quality self-storage facility, alongside luxury residential units and retail space.
The financing, secured through First Bank, was arranged on behalf of the borrower, a joint venture between Rochelle Park-based Tulfra Real Estate and Morristown-based The Hampshire Companies.
The initial stage of development focuses on a three-story, 74,715-square-foot self-storage facility. Designed to meet modern demand in an underserved market, the building will be fully climate-controlled and feature two floors of specialized loading access. National leader Public Storage has been tapped to manage the facility upon completion.
“This transaction exemplifies the strong fundamentals driving self-storage investment today,” Ryan Carroll, director at JLL, said. “This strategic location offers high rental occupancy with limited existing supply.”
High Mountain Promenade is designed as a cohesive mixed-use community that bridges the gap between urban convenience and suburban comfort. Following the storage facility, the project will deliver:
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90 Luxury Apartments: A mix of one-, two-, and three-bedroom units designed with high-end finishes.
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4,400 SF Retail Building: A divisible retail pad featuring a drive-thru, with Starbucks expected to occupy a significant portion of the space.
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Connectivity: A new traffic signal will be installed at the Belmont Avenue entrance to manage flow and improve safety for residents and commuters.
The site’s location is central to Passaic County’s dense residential core, situated just minutes from William Paterson University and St. Joseph’s Hospital. Market analysis reveals a high demand for these services:
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Target Audience: The facility will serve an estimated 151,308 residents within a three-mile radius.
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Renter Demand: Roughly 49% of housing units in the immediate area are renter-occupied, a demographic that traditionally relies heavily on off-site storage solutions.
The debt advisory team representing the developers was led by JLL Senior Managing Directors Michael Klein and Jon Mikula, alongside Carroll and Analyst Michael Donohoe.
With construction underway, High Mountain Promenade is poised to become a landmark addition to the North Haledon landscape, revitalizing an underutilized parcel into a vibrant economic hub.
