JLL Capital Markets announced on Wednesday it has arranged $116.3 million in construction financing for the first phase of a new apartment development in Bergen County.
Situated on 32.6 acres and located at 1 Mercedes Drive in Montvale, the North Market apartment project will be comprised of six buildings totaling 350 apartments, 40,500 square feet of office space, a 150-room hotel, 94,500 square feet of retail, and a 250,000-square-foot corporate office building.
The apartments have been designed with functionality, big windows, gourmet kitchens and designer finishes. The development will also have amenities including a courtyard, a swimming pool, a sundeck, barbecue grills, a bar, firepits, a fitness center with yoga, a co-working space, conference rooms, a sauna, a steam room, and more.
JLL’s Thomas Didio, senior managing director, worked on behalf of The S.Hekemian Group to arrange the three-year construction loan as well as a mezzanine loan.
“The lenders did a terrific job committing and closing this project in the middle of the COVID-19 pandemic,” Didio said. “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.”
