A multifamily portfolio with more than 350 units located on the West Side of Jersey City recently changed hands with financing arranged by KeyBank.

The lender announced Jan. 23 a $75 million secured bridge loan to SYM Investments for the acquisition of the Rivet Portfolio. The two-building, contiguous mixed-use property includes 20,000 square feet of retail space.

The property debuted in the Hudson County hotspot in 2022 to strong demand, reaching more than 50% leased in its first two months open. The Rivet offers easy access to New York City, including via the PATH system, from its location at 23 and 26 University Place Blvd. Underscoring the neighborhood’s prominence, another multifamily on the West Side secured $69 million refinancing earlier this month.

KeyBank Real Estate Capital executives Alan Isenstadt and Joseph Tinti arranged the financing.

“By using our balance sheet, we were able to close quickly, taking the project off the market and provide the necessary time to line up a permanent loan solution,” commented Isenstadt, head of NYC and Philadelphia markets for KeyBank Real Estate Capital’s Income Property Group.

Rivet 23 and Rivet 26 comprise the package. Each features a mix of studios, one- and two-bedroom units, as well as retail space:

Rivet 23

• 27 studios, 112 one-bedroom, 24 two-bedroom
• 9,580 square feet of retail space with five separate leases

Rivet 26

• 84 studios, 100 one-bedroom, 15 two-bedroom
• 9,972 square feet of retail space, split into four units

The properties offer a combined 75,000 square feet of amenity space. Perks include a fitness center, club house, courtyard, BBQ grills, shuttle service to the PATH and 332 garage parking spaces.

In 2022, JLL arranged $105 million refinancing for The Rivet on behalf of a joint venture of The Hampshire Cos., Claremont Development and Circle Squared. The team previously advised on $42.5 million financing for the project

SYM Investments Managing Partner Brad Lipman credited the team from Ohio-based KeyBank for ensuring a “smooth and timely closing.”