RIVET Project in Jersey City Lands $43M Refi Deal
JLL advised the borrower on the refinancing of the existing construction financing on the property.
JERSEY CITY, NJ—The joint venture of The Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments has secured $42.5 million to refinance construction financing for the recently completed RIVET mixed-use housing and retail property here.
The property is located in the heart of New Jersey City University’s University Place in Jersey City.
JLL advised the borrower on the refinancing of the existing construction financing on the property. Construction was completed on the property a year ago. RIVET, located at 23 University Place Blvd., features 163 apartment units, approximately 10,000 square feet of ground-floor retail and a 177-space parking garage. Community amenities include a fitness center with Fitness On Demand, yoga studio, 15,000-square-foot courtyard with sundeck, cybercafé with Wi-Fi, indoor lounge, pet spa, and virtual entry and package delivery system.
Commercial tenants include Five Guys, Cuteicles Nail & Spa, University Place Pharmacy and Carvel.
The JLL Capital Markets team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.
Last August, executives from The Hampshire Companies and Claremont Companies were joined by New Jersey City University president Sue Henderson and Jersey City Mayor Steven Fulop to celebrate the ribbon cutting for RIVET in the city’s west end neighborhood.