News release

First phase of North Market development underway in New Jersey

JLL Capital Markets completes $116.3M construction financing to build apartment community

August 26, 2020

MORRISTOWN, N.J., August 26, 2020 – JLL Capital Markets announced today that it has arranged construction financing totaling $116 million for Phase One of the North Market development in Bergen County, New Jersey.

The JLL team worked on behalf of The S.Hekemian Group, LLC to arrange a three-year construction loan through an institutional senior lender and a mezzanine loan through a life insurance company.

Located at 1 Mercedes Drive in the affluent neighborhood of Montvale, the North Market apartment development project will consist of a to-be-built luxury apartment community, including ground floor retail. The more general North Market project will be comprised of six buildings totaling 350 apartment units, 40,500 square feet of high-end boutique office space, a 150-room boutique hotel, 94,500 square feet of total retail space and a corporate office headquarter building of up to 250,000 square feet, 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 common 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 developed in the Bergen County market, development would not have gone forward. 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. It will be the premier apartment property in Bergen County once it opens.”

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About The S.Hekemian Group, LLC

The S.Hekemian Group (SHG) develops high-quality, highly-finished real estate for long-term ownership. With over 90 years as one of the country’s most stable property owners and developers, its significant and highly selective portfolio includes luxury residential, office, mixed use, and retail/lifestyle and industrial properties located in the strongest demographic areas of New Jersey, the Northeast United States, and Northern California.