619 North Maple Ave. in Ho-Ho-Kus — Courtesy: JLL
By Joshua Burd
A joint venture has closed on permanent financing for a newly completed, 67-unit luxury apartment property in Ho-Ho-Kus, brokers with JLL announced Wednesday
According to a news release, a life insurance company provided the seven-year, fixed-rate loan in connection with the complex at 619 North Maple Ave. JLL Senior Managing Director Jon Mikula, Senior Director Max Custer and Analyst Michael Donohoe represented the borrowers, Vertical Realty Capital and Maybern Realty, which developed the project with the goal of leveraging its proximity to NJ Transit’s Ho-Ho-Kus station, the borough’s affluent population and its access to Bergen County’s vast highway network.
Terms were not disclosed.
“The successful arrangement of permanent financing for 619 North underscores the continued strength of the northern New Jersey multifamily market,” Mikula 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.”
JLL noted that 619 North Maple Ave. has a mix of upscale one- and two-bedroom apartments and amenities such as a modern fitness center, an all-sport simulator, a resident lounge and a rooftop lounge, among others. The property also has 111 covered parking spaces with electric vehicle charging stations and a 3,500-square-foot ground floor commercial suite leased to Harley Street Medical.
