Built by The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments, Rivet and Rivet 26 include a combined 362 apartments within the master-planned University Place neighborhood in Jersey City. — Courtesy: JLL
By Joshua Burd
A joint venture has secured $105 million to refinance a two-building, 362-unit multifamily portfolio in Jersey City’s burgeoning West Side neighborhood, in a deal arranged by JLL.
Brokers with the firm sourced the debt on behalf of The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments, which delivered the properties known as Rivet and Rivet 26 in 2019 and 2021, respectively. Franklin BSP Realty Trust Inc. provided the two-year, non-recourse, floating-rate loan, JLL said, citing the area’s continued momentum.
“Demand for new luxury multifamily housing continues to grow on the west side of Jersey City,” said Jon Mikula, a senior managing director with JLL. “This project has been years in the making and we are proud to have been a part of it from the start.”
Mikula represented the borrowers alongside Senior Managing Director Michael Klein and Associate Gerard Quinn. They noted that the properties, located at 23 and 26 University Place Blvd., feature a mix of studio, one-bedroom and two-bedroom apartments with high-end construction, appliances and finishes, plus amenities such as a fitness center, courtyards with a sundeck and lounge seating, indoor lounges and other spaces.
The buildings are also part of a master-planned neighborhood on land owned by New Jersey City University, where developers are slated to add 1,000 new apartments, more than 100,000 square feet of retail space and a performing arts center. The site is adjacent to Route 440 and a short walk from the Hudson-Bergen Light Rail’s West Side Avenue station, providing access to the Hudson waterfront and other parts of the region.
“Benefit Street was able to provide a capital structure that will enable the borrower to continue to season the recently completed Rivet 26 and execute their business plan for both properties,” Klein said.
