G.S. Wilcox & Co. of Morristown has arranged $68 million in financing for Ora Hackensack, a 270-unit luxury multifamily property in Hackensack. The loan, secured by Gretchen Wilcox, president, and Al Raymond, principal, was sourced through a life insurance company relationship of the firms. Terms of the financing were not disclosed.
The property is located near the Hackensack Bus Terminal, which is undergoing a major renovation; Hackensack’s Main Street; University Medical Center; and Bergen County’s government offices.
Ora Hackensack’s amenities include access to a rooftop clubroom with a wet bar and billiards, a terrace with fire pits, lounge seating, and views of the New York City skyline. Other amenities include a state-of-the-art fitness center, coworking spaces, private conference rooms and a pet spa.
“Given the volatility in the marketplace, we were thrilled to execute another successful closing with our long-standing client relationship,” Wilcox said in a prepared statement.
A Berkadia report in mid-2024 said “northern New Jersey multifamily market presents renters with more affordable housing options than the neighboring New York market.” Although the gap narrowed in the first half of 2024, “northern New Jersey monthly effective rent in the second quarter of 2024 was approximately 39% under the New York market average.” Berkadia said the northern New Jersey apartment market occupancy averaged 96.2% in the second quarter of 2024. That’s 200 basis points higher than the U.S. average.
G.S. Wilcox & Co. was founded by Gretchen S. Wilcox in 1994. It is the only female-founded commercial real estate mortgage banking firm in the United States.
