RIVET at 23 University Place Blvd. in Jersey City — Courtesy: JLL
By Joshua Burd
A development group has refinanced a newly built, mixed-use apartment and retail property in Jersey City, under a $42 million transaction arranged by JLL.
Brokers with the firm represented the borrowers, a joint venture of The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments, in securing the loan for the property at 23 University Place Blvd. Known as RIVET, the complex is home to 163 luxury apartments, 10,000 square feet of retail space and a 177-space parking garage.
JLL Senior Managing Director Jon Mikula and Managing Director Michael Klein led the capital markets team representing the borrower, noting that the joint venture will use funds to refinance the existing construction loan on the property. The deal team also secured the previous financing.
Located in western Jersey City, RIVET is part of the University Place development overseen by New Jersey City University. Amenities include a high-end fitness center, a 15,000-square-foot courtyard with sundeck and cybercafé with WiFi, while commercial tenants include Five Guys, Cuteicles Nail & Spa, University Place Pharmacy and Carvel.