Luxury Apartments in Affluent Ho-Ho-Kus Land Major Permanent Financing Deal
the staff of the Ridgewood blog
Ho-Ho-Kus NJ, a newly completed 67-unit luxury apartment complex in Ho-Ho-Kus, New Jersey, has successfully secured permanent financing. The brokers at JLL announced the closing for the project located at 619 North Maple Ave.
A joint venture between Vertical Realty Capital and Maybern Realty, which developed the property, received the financing. The seven-year, fixed-rate loan was provided by a life insurance company. Terms of the agreement were not disclosed.
Why This Deal Stands Out
JLL’s team, led by Senior Managing Director Jon Mikula, Senior Director Max Custer, and Analyst Michael Donohoe, represented the borrowers. The property’s developers aimed to capitalize on several key advantages:
- Its transit-oriented location near the NJ Transit’s Ho-Ho-Kus station.
- The desirability of the borough’s affluent population.
- Easy access to Bergen County’s expansive highway network.
Mikula emphasized the strength of the northern New Jersey multifamily market, noting that the property’s “ultra high-end design and amenity package coupled with the property’s transit-oriented location in one of Bergen County’s most affluent communities made this an extremely attractive financing opportunity amongst the lending community.”
Upscale Living and Amenities
619 North Maple Ave. features a mix of upscale one- and two-bedroom apartments.
The luxury amenity package is designed to enhance the resident experience, including:
- A modern fitness center.
- An all-sport simulator.
- A resident lounge.
- A rooftop lounge.
Additionally, the property offers convenience with 111 covered parking spaces—complete with electric vehicle (EV) charging stations—and a 3,500-square-foot ground floor commercial suite already leased to Harley Street Medical.
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That looks awful !
The abandoned Grandma’s Attic looked better?
t-r-a-f-f-i-c