A rendering of North Market, a six-building, mixed-use complex at the site of the former Mercedes-Benz USA campus in Montvale — Courtesy: JLL
By Joshua Burd
A large mixed-use development at the site of the former Mercedes-Benz campus in Montvale is moving ahead with the help of a $116 million construction loan, according to brokers with JLL.
The real estate services firm announced Wednesday that it represented The S. Hekemian Group in securing the financing for phase one of the project, known as North Market, just east of the Garden State Parkway. Plans call for six buildings comprising 350 luxury apartments, 40,500 square feet of boutique office space, a 150-room hotel, 94,500 square feet of retail space and a corporate office building of up to 250,000 square feet.
An institutional lender and a life insurance company are providing senior and mezzanine debt, respectively. JLL Senior Managing Director Thomas Didio led the capital markets team on the assignment.
“The lenders did a terrific job committing and closing this project in the middle of the COVID-19 pandemic,” Didio said. “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 developed in the Bergen County market, development would not have gone forward.”
In a news release, JLL noted that the 32.6-acre project at 1 Mercedes Drive will be adjacent to The Shoppes at DePiero Farm, a separate 26-acre project also developed and owned by The S. Hekemian Group. The properties are breathing new life into what was once Mercedes’ U.S. headquarters complex, before the automaker announced in 2015 that it would move those operations to Atlanta.
“Being located in the Montvale/Saddle River Market and directly adjacent to the Garden State Parkway and The Shoppes at DePiero Farms, with its Wegmans Supermarket, North Market is very uniquely positioned,” Didio added. “It will be the premier apartment property in Bergen County once it opens.”
JLL said the apartments at North Market will have upscale finishes and appliances. Residents will have access to amenities such as a courtyard with a swimming pool, sundeck, grill and bar, along with a fitness center, co-working space and conference rooms.