The first phase of a 32.6-acre mixed-use development in New Jersey has landed a $116 million construction loan. JLL arranged a three-year construction loan through an institutional senior lender and a mezzanine loan through a life insurance company for The S.Hekemian Group’s North Market development in Bergen County.
The construction financing will be used for the first phase of the mixed-use project located at 1 Mercedes Drive. Thomas Didio, senior managing director with JLL’s Capital Markets team who led the group representing the borrower, told Multi-Housing News that Phase I is the residential portion of the project, consisting of Buildings 1 and 3, and will be completed in 24 months.
The luxury communities will total 350 units and also have room for ground-floor retail. The amenities include a courtyard with swimming pool, sundeck, barbecue grill and bar, outdoor firepit, fitness center, yoga and meditation room, coworking space and conference rooms, saunas and steam rooms.
Didio said in prepared remarks that the North Market development was one of the best apartment projects in the area and was uniquely positioned near the Garden State Parkway and a nearby shopping mall. Elsewhere in New Jersey, Didio also recently worked on securing $48.8 million in construction financing for a 271-unit luxury community in Hackensack.
MAKING A MARKET FOR LIVE-WORK-PLAY
Adding to the residential portion of the North Market development, the mixed-use project will also include offices, retail space and a hotel. Once complete, S.Hekemian Group’s project will include 350 residential units, a 150-key hotel, 94,500 square feet of retail space, 40,500 square feet of high-end office space and a corporate office headquarters building of up to 250,000 square feet.
The project is also located next to The Shoppes at Depiero Farm, a 26-acre shopping mall that’s also owned and developed by The S.Hekemian Group. The mall is home to Northern Jersey’s first Wegmans and other popular retailers like Starbucks, Chipotle and AT&T.