JLL Capital Markets announced on Wednesday announced it successfully arranged seven-year, fixed-rate permanent financing for 619 North Maple Avenue, a newly completed 67-unit luxury apartment complex in Ho-Ho-Kus. The loan was secured through a life insurance company on behalf of the borrowers, Vertical Realty Capital and Maybern Realty.
The financing deal underscores the continued strength and attractiveness of the Northern New Jersey multifamily market, particularly in affluent, transit-oriented locations.
“The successful arrangement of permanent financing for 619 North underscores the continued strength of the Northern New Jersey multifamily market,” Jon Mikula, JLL Capital Market’s Senior Managing Director said. “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.”
Premier location and luxury features
The 619 North Maple Avenue property is strategically located just a quarter mile from NJ Transit’s Ho-Ho-Kus Station, offering residents a 50-minute train ride to New York’s Penn Station. Ho-Ho-Kus is one of New Jersey’s wealthiest municipalities, with residents reporting an average household income of over $318,000 and an average home value exceeding $1 million in 2024.
The 67 units are a mix of one- and two-bedroom apartments, featuring elite finishes such as:
- Quartz countertops and stainless steel appliances
- Walk-in closets and in-unit washers and dryers
- Private terraces in select units
Community amenities further differentiate the property, including a state-of-the-art fitness center, an all-sport simulator, a rooftop lounge with a BBQ grill and firepit, a resident lounge, and a pet spa. The property also provides 111 covered parking spaces with EV charging stations and a 3,500-square-foot ground-floor commercial suite leased to Harley Street Medical.
The JLL Debt Advisory team representing the borrower included Senior Managing Director Jon Mikula, Senior Director Max Custer and Analyst Michael Donohoe.
