A JLL Capital Markets team said Thursday that it represented S. Hekemian Group in securing a two-year, floating-rate construction loan through ConnectOne Bank to develop Valley Hospital Surgery Center at the District’s Building 4, a three-story, mixed-use building totaling 25,000 square feet of ground-floor retail space and 58,372 square feet of Class A medical space in Montvale.
In addition, JLL arranged subordinate debt with a life insurance company.
Located at 400 Market St., the property sits within the District, a mixed-use live/work/play development that features four buildings comprised of 308 luxury apartments, 40,000 square feet of boutique office space and 17,000 square feet of ground floor retail. Additionally, the District is adjacent to the Shoppes at DePiero Farm, a 231,000-square-foot retail center that is anchored by a Wegmans Supermarket that contributes to the high-end modern neighborhood feel. Tenants include Starbucks, Lululemon, Chopt, Orange Theory Fitness, Ulta Beauty, Chipotle and more.
The project is under construction and is expected to be completed in early 2024. In addition to the Valley Hospital facility, the ground floor tenants will be Pottery Barn and Williams Sonoma.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio Jr., Director Gerard Quinn and analyst Michael Mataras.
“Building 4 will add three terrific tenants to the ‘District’ mixed-use environment. The medical use will bring more traffic to the retail space across Market Street, not to mention Pottery Barn and William Sonoma. The site and quality of tenancy on both sides of Market Street speaks for itself,” Didio Jr said.
