JLL Capital Markets led financing efforts for the District Building 4 development in Montvale, New Jersey
News release
14 June 2023
The S. Hekemian Group lands financing to develop Valley Hospital Surgery Center at “the District”
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MORRISTOWN, N.J., June 14, 2023 – JLL Capital Markets announced today that it has arranged construction financing and mezzanine equity for the District Building 4, a three-story, mixed-use building totalling 25,000 square feet of ground-floor retail space and 58,372 square feet of Class A medical space in Montvale, New Jersey.
JLL represented the borrower, The S. Hekemian Group, in securing the two-year, floating-rate construction loan through ConnectOne Bank. 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, 40,000SF of boutique office space, and 17,000SF 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, the ground floor tenants will be Pottery Barn and William 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 four will add three terrific tenants to the “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,” stated Didio, Jr.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.