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The S. Hekemian Group gets financing for developing Montvale medical space
Valley Health, Pottery Barn, William Sonoma signed on for under-construction mixed-use
Jessica Perry//June 16, 2023//
Rendering for the District Building 4 from The S. Hekemian Group, a three-story, mixed-use building totaling 25,000 square feet of ground-floor retail space and 58,372 square feet of Class A medical space in Montvale. - JLL
Rendering for the District Building 4 from The S. Hekemian Group, a three-story, mixed-use building totaling 25,000 square feet of ground-floor retail space and 58,372 square feet of Class A medical space in Montvale. - JLL
The S. Hekemian Group gets financing for developing Montvale medical space
Valley Health, Pottery Barn, William Sonoma signed on for under-construction mixed-use
Jessica Perry//June 16, 2023//
JLL Capital Markets has secured construction financing and mezzanine equity for a project at the District in Montvale that will house a Valley Hospital ambulatory care center.
The full-service provider of capital solutions for real estate investors and occupiers said June 15 it represented The S. Hekemian Group in obtaining a two-year, floating-rate construction loan through ConnectOne Bank, as well as subordinate debt with an unnamed life insurance company for the District Building 4.
Located at 400 Market St., the three-story, mixed-use building is comprised of 25,000 square feet of ground-level retail space – with Pottery Barn and Williams Sonoma signed on to occupy, JLL said – and 58,372 square feet of Class A medical space for Valley Hospital.
The financing amounts were not disclosed.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Thomas Didio, Senior Director Thomas Didio Jr., Director Gerard Quinn and Analyst Michael Mataras.
“Building four will add three terrific tenants to the ‘the District’ mixed use environment,” Didio Jr. said in a statement. “The medical use will bring more traffic to the retail space across Market Street, not to mention Pottery Barn and Williams Sonoma. The site and quality of tenancy on both sides of Market Street speaks for itself.”
Montvale has been the site of significant medical activity recently. At 160 Summit Ave., JLL secured a number of long-term and new leases, since it was tapped as exclusive leasing agent for the 32,000-square-foot property.
The District project is situated within Englewood-based The S. Hekemian Group‘s live-work-play development, North Market located at the former Mercedes-Benz USA headquarters property.
Comprising four buildings with 308 luxury apartments, 40,000 square feet of boutique office space and 17,000 square feet of ground-floor retail, the property is adjacent to The Shoppes at DePiero Farm. Also from The S. Hekemian Group, that 231,000-square-foot retail center is anchored by a Wegmans Supermarket with other tenants including Starbucks, Lululemon, Chopt, Orange Theory Fitness, Ulta Beauty and Chipotle.
