A new building at The District in Montvale is slated to include 25,000 square feet of ground-floor retail space and a 58,372-square-foot Valley Hospital surgery center. — Courtesy: JLL
By Joshua Burd
The S. Hekemian Group has secured financing for a project that will bring more than 84,000 square feet of medical and retail space to a sweeping redevelopment site in Montvale.
According to JLL, which sourced the debt, ConnectOne Bank provided a two-year, floating-rate construction loan, while a life insurance company is providing subordinate debt. The financing will support what’s known as District Building 4, a three-story structure at 400 Market St., with 25,000 square feet of ground-floor retail space and a 58,372-square-foot Valley Hospital surgery center.
JLL Senior Managing Director Thomas R. Didio, Senior Director Thomas E. Didio Jr., Director Gerard Quinn and Analyst Michael Mataras completed the transactions, the values of which were undisclosed, on behalf of the borrower. They noted that the project is under construction and is expected to be completed in early 2024, having also secured Pottery Barn and Williams-Sonoma for the ground-floor retail space.
“Building four will add three terrific tenants to ‘The District’ mixed use environment,” Didio Jr. said. “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.”
The facility will be among the latest additions to the mixed-use campus that has helped revitalize the former Mercedes-Benz USA campus in Montvale. The development also includes four buildings comprised of 308 luxury apartments, 40,000 square feet of boutique office space and 17,000 square feet of ground-floor retail.
The District is also adjacent to The Shoppes at DePiero Farm, a 231,000-square-foot retail center that is anchored by a Wegmans supermarket and is home to additional tenants such as Starbucks, Lululemon, Chopt, Orange Theory Fitness, Ulta Beauty and Chipotle.
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