Dealmaker: JLL Secures $161M in Construction Financing
JLL Capital Markets, Chicago, arranged construction financing totaling $160.5 million to develop New Jersey and North Carolina multifamily properties.
In Bergen County, N.J., JLL arranged $116 million for phase one of the North Market development. A team led by Senior Managing Director Thomas Didio represented The S.Hekemian Group LLC, Englewood, N.J., and secured 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 Montvale, the North Market apartment development will include an apartment community with ground-floor retail. The larger North Market project will include six buildings totaling 350 apartment units, 40,500 square feet of office space, a 150-room boutique hotel, 94,500 square feet of retail space and a corporate office headquarters building of up to 250,000 square feet, all occupying 32.6 acres.
“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 uniquely positioned,” said Didio.
JLL Capital Markets also arranged $44.5 million in financing to develop Lumeo, a 314-unit transit-oriented multifamily asset in Charlotte’s University submarket.
A debt placement team including JLL Senior Managing Director Hal Kempson and Director Taylor Allison represented developer Panorama Holdings LLC, Charlotte. Broadshore Capital Partners, Los Angeles, supplied the loan.
Lumeo’s first units are scheduled to deliver in December and the entire project should be completed during 2021. The project will include five garden-style buildings on 10 acres next to the University City Boulevard LYNX station.
“Prior to the light rail’s delivery, the University submarket of Charlotte had been slow to develop,” said Kempson. “Now that the light rail is built out, we anticipate tremendous rent growth, similar to what we witnessed in the South End neighborhood.”
Kempson noted Charlotte has seen recent inbound migration due to the COVID-19 pandemic.
