JLL arranges $42.5M financing for Jersey City's RIVET

Linda Lindner//August 8, 2019

RIVET Apartments at 23 University Place Blvd. in Jersey City. - JLL — RIVET Apartments at 23 University Place Blvd. in Jersey City. – JLL

JLL announced it recently advised on the $42.5 million financing of RIVET, a mixed-use multi-housing and retail property located in New Jersey City University’s University Place in Jersey City.

The borrower, a joint venture between The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments, was advised on the refinancing of existing construction financing, previously secured by the deal team.

Located at 23 University Place Blvd., less than a half mile west of the NJCU campus, RIVET 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.