JLL Capital Markets announced today that it has arranged construction financing totaling $116 million for Phase One of the North Market development in Bergen County, New Jersey.
The JLL team worked on behalf of The S.Hekemian Group, LLC to arrange a three-year construction loan through an institutional senior lender and a mezzanine loan through a life insurance company.
Located at 1 Mercedes Drive in Montvale, the North Market apartment development project will consist of a to-be-built luxury apartment community, including ground floor retail.
The more general North Market project will be comprised of six buildings totaling 350 apartment units, 40,500 s/f of high-end boutique office space, a 150-room boutique hotel, 94,500 s/f of total retail space and a corporate office headquarter building of up to 250,000 s/f, positioned on 32.6 acres.
North Market will play off the adjacent Shoppes at Depiero Farm, on its own additional 26 acres, a project also developed and owned by The S.Hekemian Group.
JLL’s Capital Markets group representing the borrower was headed by Senior Managing Director Thomas Didio.
“The lenders did a terrific job committing and closing this project in the middle of the COVID-19 pandemic,” stated Didio. “If not for the best-in-class sponsorship, The S.Hekemian Group, and if the project wasn’t one of the best apartment projects being developed in the Bergen County market, development would not have gone forward. Being located in the Montvale/Saddle River Market and directly adjacent to the Garden State Parkway and The Shoppes at Depiero Farms, with its Wegmans Supermarket, North Market is very uniquely positioned. It will be the premier apartment property in Bergen County once it opens.”
