10A — October 2025 — Financial — M id A tlantic Real Estate Journal
www.marej.com
F inancial Vertical Realty Capital & Maybern Realty introduce premium Bergen County rentals
JLL secures financing for 67-unit luxury apartment community in Ho-Ho-Kus, NJ
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New York’s Penn Station via a 50-minute train ride. Ho-Ho-Kus is one of New Jer- sey’s wealthiest municipalities, reporting an average household income of $318,020 and an average home value of over $1 million in 2024. The borough benefits from its prime location in the center of Bergen County, where residents can utilize the county’s extensive highway and public transportation infra- structure including close access to the Garden State Pkwy., I-287, Rte-17 and Rte-208. JLL Capital Market’s Debt Advisory team represent- Account generally cannot ex- ceed $5,000 (to be adjusted for inflation after 2027) per year (with certain limited excep- tions, including contributions from tax-exempt entities). Generally, distributions from the Trump Account are not al- lowed until the calendar year in which the child attains 18 years of age. Once the child attains 18 years of age, the Trump Account will function like an IRA. Thus, withdraw - als prior to age 59 ½ may incur penalties in addition to income tax, unless an exception ap- plies. Trump Account assets must be invested in either an S&P 500 stock market index fund or certain other index funds which are “comprised of equity investments in primar- ily United States companies.” The OBBBA has also created a corresponding Trump Account pilot program for U.S. citizens born in 2025 through 2028, where the federal government will contribute $1,000 per child into that child’s Trump Account. For such children, the Secretary of the Treasury will automatically create an account if one does not exist; parents of a child will have the option of opting out of a Trump Account. Contributions from parents and other individuals are not tax-deductible and cre- ate the basis in the Trump Ac- count that is not taxable when withdrawn. Employer contri- butions, the $1,000 federal contribution, and charitable gifts do not create basis and are taxable when withdrawn. Earnings are taxable when withdrawn. Gifts to a Trump Account will count towards your annual gift tax exclusion. Other Provisions The OBBBA has made
ing the borrower was led by senior managing director Jon Mikula , senior director Max Custer and analyst Michael Donohoe . The property features 67 units comprising a mix of one- and two-bedroom apartments and includes luxury features such as walk-in closets, in-unit washers and dryers, quartz countertops, stainless steel kitchen appliances and private terraces for select units. Com- munity amenities include a state-of-the-art fitness center, all-sport simulator, resident lounge, and pet spa. MAREJ permanent other TCJA pro- visions, with certain adjust- ments, including: • Limitation of acquisition indebtedness for mortgage interest deduction purposes to $750,000 ($375,000 for married filing separately) • Increase of the increased Alternative Minimum Tax ex- emption and threshold amounts (as indexed for inflation) • Increase to the child tax credit • Permanent disallowance of miscellaneous itemized deduc- tions (with some exception for certain educator expenses) • Permanent tax-free student loan discharge on death or disability Additionally, the OBBBA has created: • A non-itemized charitable de - duction up to $1,000 for single filers and $2,000 for joint filers • A reduction of itemized de - ductions by 2/37 of the lesser of (i) total itemized deductions and (ii) taxable income above the 37% bracket threshold • A 0.5% floor applied to ad - justed gross income (without regard to a net operating loss carryback) for charitable de - ductions • Expanded categories of cov - ered expenses for 529 plans and increased tax-free with- drawal limit to $20,000 for K-12 expenses • Repeal of clean energy tax credits, such as clean vehicle and energy efficiency home credits Meghan E. Anderson is an associate at Greenbaum, Rowe, Smith & Davis. Michael K. Feinberg is a Partner and Chair of Tax, Trusts & Estates Depart- ment at Greenbaum, Rowe, Smith & Davis. MAREJ
O-HO-KUS, NJ — JLL Capital Mar- kets has arranged the
financing of 619 North Maple Ave., a newly delivered 67-unit luxury apartment complex in Ho-Ho-Kus. JLL worked on behalf of the borrowers, Vertical Realty Capital and Maybern Real- ty in securing the seven-year, fixed-rate loan through a life insurance company. 619 North Maple Ave., locat - ed in Ho-Ho-Kus, Bergen Coun- ty, represents a best-in-class transit-oriented multifamily property differentiated by elite
619 North Maple Ave.
unit finishes and abundant community amenities. The development is strategically
positioned just a quarter mile from NJ Transit’s Ho-Ho-Kus Station, providing access to
continued from page 2A One Big Beautiful Bill Act: an overview of tax impacts for individuals
the taxpayer’s modified gross income exceeds the threshold amount, but the applicable limitation amount will not be “phased down” below $10,000. For taxable years beginning in 2025, the applicable limita- tion amount for taxpayers is $40,000 (other than married individuals filing separately, for whom the limit is $20,000) and the threshold amount is $500,000. Note that both the applicable limitation amount and the threshold amount are set to increase by 1% each year through 2029. For taxable years beginning in 2030 and thereafter, the OBBBA resets the limit of the SALT deduc- tion to $10,000 (for taxpayers other than married individuals filing separately). Creation of a Deduction for Certain Tips Income The OBBBA has established a new deduction for certain reported “qualified tips” for taxable years beginning in 2025 through 2028. It applies to qualified tips which are received by an individual in an occupation which custom- arily and regularly received tips on or before December 31, 2024; the Secretary of the Treasury (or a delegate of the Secretary) has been ordered to publish a list of such occupa- tions. The qualified tips deduc - tion is limited to $25,000 and is to be further reduced if the taxpayer’s modified adjusted gross income exceeds $150,000 ($300,000 if the taxpayer files a joint return). Note that this deduction does not apply if a taxpayer is married and files a separate return. Creation of a Deduction for Certain Overtime Income The OBBBA has established
a new deduction for certain re- ported “qualified overtime com - pensation” for taxable years beginning in 2025 through 2028. It applies to qualified overtime compensation which is paid to an individual as required by the Fair Labor Standards Act of 1938 and that is in excess of the individual’s regular pay rate. The qualified overtime compensation deduc- tion is limited to $12,500 for a single taxpayer and $25,000 in the case of a joint return and is to be further reduced if the taxpayer’s modified gross income exceeds $150,000 ($300,000 if the taxpayer files a joint return). Note that this deduction does not apply if a taxpayer is married and files a separate return. Creation of a Deduction for Certain Car Loan Interest The OBBBA has established a new deduction for certain in- terest on a “qualified passenger vehicle loan,” which must be a purchase loan incurred in 2025 or later for a new vehicle whose final assembly was in the U.S. and is used for personal pur- poses. The qualified passenger vehicle loan interest deduction applies for taxable years begin- ning in 2025 through 2028; it is limited to $10,000 for any tax- able year and is to be further re- duced if the taxpayer’s modified gross income exceeds $100,000 ($200,000 if the taxpayer files a joint return). Trump Accounts The OBBBA has established a new type of tax-favored sav- ings account called a “Trump Account,” which can be opened for certain eligible children starting in 2026. A Trump Account can be opened for a child who is not yet 18 years of age. Contributions to a Trump
surviving spouses).
Creation of a Deduction for Seniors An additional deduction of $6,000 is available for taxpay - ers who are 65 or older (at the end of the taxable year) for taxable years beginning in 2025 through 2028, subject to reduc- tions if the taxpayer’s modified adjusted gross income exceeds $75,000 ($150,000 if the tax- payer files a joint return). A $12,000 deduction is available, subject to reductions, on a joint return if both spouses are 65 or older (at the end of the taxable year). This senior deduction is in addition to the applicable standard deduction. Note that this deduction does not apply if a taxpayer is married and files a separate return. This deduction has been discussed as an offset to otherwise tax- able social security retirement income, in place of President Trump’s original campaign promise of exempting social security retirement benefits from taxable income. Increase to the State and Local Income Tax Cap The TCJA had imposed a new limit to the state and local tax (SALT) deduction against federal income taxes of $10,000 for taxpayers (note that this amount was $5,000 for married taxpayers filing separately). For taxable years beginning in 2025 through 2029, the OBBBA has increased the SALT deduction limit to an “applicable limita- tion amount,” which is subject to a phasedown that reduces that amount if the taxpayer’s modified adjusted gross income exceeds a “threshold amount.” The phasedown reduces the applicable limitation amount by 30% of the amount that
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