The Hekemian Group has secured $45 million of debt financing to recapitalize District Montvale, its 308-unit multifamily property in Montvale, N.J.
RXR and the North Carolina Investment Authority provided the financing, according to a report by Commercial Observer.
District Montvale opened in 2022 and forms part of the larger DePiero Farm master development. The recapitalization brings new financing to a recently completed rental asset in Bergen County.
The transaction links Hekemian with RXR and NCIA on a suburban multifamily property positioned within a broader mixed-use development plan. Further loan terms were not included in the reported details.
