6A — September 25 - October 15, 2020 — Retail Development Reimagined — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment R eimagined
JLL team worked on behalf of The S.Hekemian Group, LLC JLL completes $116.3M construction financing for Phase One of the North Market development
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a mezzanine loan through a life insurance company. Located at 1 Mercedes Dr. in the affluent neighborhood of Montvale, the North Market apartment development proj- ect will consist of a to-be-built luxury apartment community, including ground floor retail. The more general North Mar- ket 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. The apartment units have been designed with functional floorplans, oversized windows, gourmet kitchens and designer finishes. The development will also focus on desirable com- mon area amenities such as a courtyard with a swimming pool, sundeck, barbecue grill and bar, outdoor firepit, fitness center, yoga and meditation room, co-working space and conference rooms, saunas and steam rooms and much more. JLL’s Capital Markets group representing the borrower was headed by senior managing director Thomas Didio . “The lenders did a terrific job committing and closing this project in the middle of the COVID-19 pandemic,” stated Didio. “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 de- veloped in the Bergen County market, development would not have gone forward. Being located in the Montvale/Sad- dle River Market and directly adjacent to the Garden State Parkway and The Shoppes at Depiero Farms, with its We- gmans Supermarket, North Market is very uniquely posi- tioned. It will be the premier apartment property in Bergen County once it opens.” MAREJ Colliers facilitates three Hamilton Boulevard land sales ALLENTOWN, PA — Derek Zerfass and Scott Horner of the Collier s Allentown retail team have facilitated the land sales of 5621, 5591 and 5573 Hamil- ton Blvd. in Allentown. The teamworked on behalf of the owner, transacting the sales for $1.525 million. Purchaser TimTay Properties is a commercial real estate devel- opment company focusing in national tenants. Together, the adjacent sites comprise a 2.3 acre retail corner at Lower Macungie’s “Main and Main” – the inter- section of Hamilton Blvd. and Krocks Court. MAREJ
ORRISTOWN, NJ — JLLCapitalMar- kets has arranged
construction financing to - taling $116 mi l l ion for Phase One of the North Market de- v e l o pme n t i n Be r g e n County. T h e J L L
Thomas Didio
team worked on behalf of The S.Hekemian Group, LLC to arrange a three-year construction loan through an institutional senior lender and
Triboro Square
BORRUS ASSOCIATES Commercial Investment Real Estate NEED INVESTMENT PROPERTIES
Julius Borrus Broker & President Borrus Associates 340 Rte 35 South Red Bank, NJ 0771 P: 908-839-0052
borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE
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