August 8, 2019 – JLL announces the $42.5 million financing of RIVET, a mixed-use multi-housing and retail property located in the heart of New Jersey City University’s University Place in Jersey City, New Jersey.
JLL advised the borrower, a joint venture between The Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments, on the refinancing of the existing construction financing that was previously secured by the deal team.
RIVET is located at 23 University Place Boulevard less than a half mile west of the NJCU campus. Completed in 2017, the property 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.