JLL completes $116.3M construction financing for Phase One of the North Market development
MORRISTOWN, NJ — JLL Capital Markets has arranged construction financing totaling $116 million for Phase One of the North Market development in Bergen County. 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 Dr. in the affluent neighborhood of 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.