Rivet 26 launched leasing last year in Jersey City’s West Side to strong demand, reaching more than 50% leased that August after opening its doors two months earlier in June.
On March 30, JLL Capital Markets announced it arranged $105 million in refinancing for Rivet and Rivet 26 — a two-building multi-housing community with 362 units.
JLL said it worked on behalf of the borrower — a joint venture of The Hampshire Cos., Claremont Development and Circle Squared — to secure a two-year, non-recourse, floating-rate loan through Franklin BSP Realty Trust Inc. The JLL Capital Markets Debt Advisory Team representing the borrower was led by Senior Managing Directors Jon Mikula and Michael Klein and Associate Gerard Quinn.
“[The lender] 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 in a statement.
Located at 23 and 26 University Place Blvd., Rivet and Rivet 26 offer studio, one- and two-bedroom apartments, along with community amenities including fitness centers, a yoga studio, courtyards, indoor loungers, covered parking decks, and more.
Both properties are part of New Jersey City University’s University Place Master Plan, which includes the development of apartments, retail space and a 500-seat performance center.
“Demand for new luxury multifamily housing continues to grow on the west side of Jersey City,” Mikula said. “This project has been years in the making and we are proud to have been a part of it from the start.”
In 2019, JLL announced it advised on financing for Rivet, to the tune of $42.5 million.