At a time when financial markets are choppy, and the multifamily real estate world is anything but predictable, G.S. Wilcox & Co., a Morristown-based mortgage banking firm, just pulled off a major deal in Bergen County.
The firm has arranged $68 million in financing for Ora Hackensack, a newly constructed 270-unit luxury multifamily property in the heart of Hackensack’s rapidly redeveloping downtown. And while terms of the financing were kept private, the message is loud and clear: Institutional money still believes in North Jersey real estate — and Hackensack might be the next hot spot to watch.
💼 Who Closed the Deal?
The financing was sourced through a life insurance company partner, with the deal led by Gretchen Wilcox, founder and president of G.S. Wilcox, alongside Al Raymond, principal at the firm.
If you’re not familiar, G.S. Wilcox & Co. isn’t just another commercial real estate firm. Founded in 1994, it’s the only female-founded CRE mortgage banking firm in the entire United States — and it’s made a name for itself by brokering big deals in complex markets.
“Given the volatility in the marketplace, we were thrilled to execute another successful closing with our long-standing client relationship,” Wilcox said in a statement.
📍 Why Ora Hackensack, Why Now?
The building — Ora Hackensack — is strategically located with access to just about everything. We’re talking:
- 🚍 One block from the Hackensack Bus Terminal (currently undergoing a major renovation)
- 🏥 Minutes from Hackensack University Medical Center
- 🏛️ Close to Main Street’s growing restaurant and retail scene and Bergen County’s government offices
It’s prime real estate in a town that’s quietly transforming from sleepy suburb to a walkable, transit-connected urban hub. And the timing? Just right. With the New York metro area still struggling with affordability and availability, northern New Jersey cities like Hackensack are drawing interest from both renters and institutional investors.
🌆 What’s Inside Ora Hackensack?
Developed as a luxury rental property, Ora Hackensack is loaded with amenities that cater to young professionals, remote workers, and even pet lovers:
- 🏙️ Rooftop clubroom with wet bar, billiards, and panoramic views of the NYC skyline
- 🔥 Outdoor terrace with fire pits and lounge seating
- 🏋️ State-of-the-art fitness center
- 💼 Coworking lounges and private conference rooms
- 🐾 On-site pet spa
In short, it checks all the boxes that today’s renter is looking for: work-from-home friendly, entertainment-ready, pet-welcoming, and located near mass transit.
📈 Northern New Jersey Multifamily Market — Still on Fire?
If you’re wondering why investors are still betting big on Bergen County, the numbers speak for themselves.
According to a Berkadia report from mid-2024:
- 🏡 Northern NJ apartment occupancy hit 96.2% in Q2 of 2024 — 200 basis points above the national average
- 💵 Rents are still significantly cheaper than across the Hudson: approximately 39% below NYC averages
- 🔼 Even as the gap narrows, renters are still looking west of the river for value and space
Put simply: demand is high, supply is tight, and the desire to live near — but not in — Manhattan is stronger than ever. Hackensack, with its direct transit lines and growing infrastructure, is benefiting from that push.
🏗️ What This Means for Hackensack (and Bergen County)
There’s a bigger picture here. The Ora Hackensack deal isn’t just about one property — it’s part of a larger trend of urban reinvestment in smaller North Jersey cities. Hackensack is positioning itself as a liveable, vibrant, and modern alternative to larger, more expensive markets like Hoboken or Jersey City.
Add in major public investments like the Hackensack Bus Terminal revamp and continuing Main Street redevelopment, and this $68 million financing deal feels less like a bet — and more like a carefully calculated move on a city that’s just getting started.
💬 Why You Should Care — Even If You’re Not in Real Estate
Whether you’re a Bergen County resident, a local business owner, or just someone who likes to see New Jersey places grow into their full potential — Hackensack’s evolution is something to watch. This isn’t just a luxury apartment building. It’s a signal of long-term faith in the region’s potential.
This also tells us that despite high interest rates and economic uncertainty, lenders and developers are still finding ways to make things work — especially in strong submarkets.
🗺️ Explore Hackensack This Weekend
If you haven’t taken a stroll down Hackensack’s Main Street lately, consider making a trip this weekend. Grab a bite, check out the local businesses, and see the skyline views from the area around Ora Hackensack.
Hackensack is no longer just the place you passed through on Route 4 — it’s becoming a destination in its own right.
Explore New Jersey Weekend brings you the real stories behind the places, projects, and people shaping our state. From green space battles to multimillion-dollar buildings, from small-town moments to city-size moves — we’ve got the full picture for your weekend scroll.