F inancial D igest F eaturing T ax I ssues /A ccounting
M id A tlantic Real Estate Journal — July 2023 — 3A
www.marej.com
ONTVALE, NJ — JLL Capital Mar- kets has arranged JLL Capital Markets led financing efforts for the District Building 4 development The S. Hekemian Grp. lands financing to develop Valley Hospital Surgery Center at “The District” M
The project is under con- struction and is expected to be completed in early 2024. In addition to the Valley Hos- pital, the ground floor tenants will be Pottery Barn and Wil - liam Sonoma. The JLL Capital Markets Debt Advisory team was led by senior managing director Thomas R. Didio , senior di- rector Thomas E. Didio Jr., director Gerard Quinn and analyst Michael Mataras . “Building four will add three terrific tenants to the “the District” mixed use environ- ment. 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,” said Didio, Jr. MAREJ and nearby entertainment, dining, shopping and employ- ment opportunities. The fami - ly-friendly town is surrounded by high-ranking schools and parks, including Richard W. DeKorte Park, only 1.9 miles away and located along the Hackensack River. About Northmarq Northmarq is a full-service capital markets resource for commercial real estate inves- tors, offering seamless col- laboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, en - abling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transac- tion volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. MAREJ
construction financing and mezzanine equity for the Dis- trict Building 4, a three-story, mixed-use building totaling 25,000 s/f of ground-floor retail space and 58,372 s/f of class A medical space in Montvale. JLL represented the bor - rower, The S. Hekemian Group , in securing the two- year, floating-rate construc - tion loan through Connec- tOne 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 com- prised of 308 luxury apart- ments, 40,000 s/f of boutique
400 Market St. rendering
office space, and 17,000 s/f of ground floor retail. Addition - ally, the District is adjacent to The Shoppes at DePiero Farm,
a 231,000 s/f retail center that is anchored by a Wegmans Supermarket that contributes to the high-end modern neigh-
borhood feel. Tenants include Starbucks, Lululemon, Chopt, Orange Theory Fitness, Ulta Beauty, Chipotle, and more.
Northmarq’s Ranieri arranges $13 Million financing of luxury multifamily property, The Opus in North Arlington, NJ
NORTH ARLINGTON, NJ — Northmarq’s Robert Ranieri , senior vice presi-
dent/manag- ing director ar ranged the $13 mil - lion finance of The Opus, a 49-unit multi fam- ily property located in
Robert Ranieri
North Arlington. The transac - tion was structured on a 5-year term with 1-year interest only followed by a 29-year amorti - zation schedule. Northmarq arranged the permanent-fixed loan for the borrower through its corresponding relationship with a local bank. “A local New Jersey bank offered and closed on very good loan terms for this class A apartment building which is best in class in North Arling - ton, New Jersey,” said Ranieri. Built in 2021, The Opus features one-bedroom units and penthouse suites with state-of-the-art kitchens, spa bathrooms with heated floors, high end finishes and mod-
The Opus
ern open concept floor plans. Floor to ceiling windows bring in natural light and offer breathtaking views of the NYC skyline. Resort-inspired amenities include a rooftop
terrace, fitness center, cozy lounge with fireplace and on- site parking. Situated in the northern New Jersey town of North Arlington with its small town feel, The Opus is
ideally located just 12-miles from Manhattan and 5-miles from the MetLife Stadium. Residents at this pet-friendly building benefit from easy ac - cess to public transportation
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