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Hekemian Group secures $45 million loan to recapitalize District Montvale
The financing is provided by RXR and the North Carolina Investment Authority and will recapitalize District Montvale’s 308 units, which opened in 2022.
The Hekemian Group has secured a $45 million loan to recapitalize District Montvale, a 308-unit multifamily property in Montvale, New Jersey, that opened in 2022, Commercial Observer reports.
RXR and the North Carolina Investment Authority provided the debt, which comes out of RXR Cardinal Venture, a $500 million partnership aimed at supplying debt capital to real estate projects, largely targeting the New York metropolitan region.
JLL Capital Markets arranged the transaction through its Capital Markets team of Jose Cruz, Michael Oliver, and Elizabeth DeVesty.
Commercial Observer reports that the investment supports RXR’s residential focus, and notes that RXR has closed more than $1.5 billion of deals over the past two years within its Capital Solutions platform.