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.”
RIVET 26, the brand-new luxury residential community, is welcoming its first residents at University Place, Jersey City’s transformative masterplan community in the city’s west end.
A combined vision of The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments, RIVET 26 has seen strong leasing activity and is currently more than 50% leased since opening in June, the partnerships announced Aug. 30.
Located at 26 University Place Blvd. in Jersey City, RIVET 26 offers residents 199 modern rental homes, a wealth of amenities and 10,000 square feet of service-oriented ground-level retail. It joins sister community, RIVET, a 163-unit luxury apartment building also completed by The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments in 2019.
Less than one-third of a mile from the Bergen Hudson Light Rail stop, RIVET 26 provides access to the Hackensack River Waterfront and Hoboken, promising convenient proximity to all that the Gold Coast and the New York City metro area have to offer. In addition to Bergen Hudson Light Rail accessibility, the property offers complimentary direct shuttle service to the Journal Square PATH Station, enhancing access to New York City. Two bike terminals, 155 structured parking spaces and street parking further complement the transportation options available for commuters.
“Since day one, our goal has been to leverage our deep experience in real estate investment to create an in-demand and dynamic community in support of the City’s west end transformation,” said James Hanson II, president and CEO of The Hampshire Cos. “The leasing success we are experiencing at both RIVET 26 and its adjacent sister community, RIVET, speak to the continued successful execution of our vision. We thank our team, project partners, NJCU and Jersey City for their ongoing collaboration as we welcome our first residents.”
Developed in conjunction with New Jersey City University and Jersey City, University Place will include the construction of eight buildings, 1,000 new luxury rental residences and access to more than 120,000 square feet of retail, a performing arts center, cafes, theaters, and lush green space.
RIVET 26 was designed by project architect Netta Architects and interior design was overseen by Interior Motives. Property management services for RIVET 26 are provided exclusively by RHO Residential.
The Hampshire Cos., Claremont Development, and Circle Squared Alternative Investments are nearing the final stages of construction for RIVET 26, Jersey City’s newest luxury apartment development, the developers announced on May 18.
Located at 26 University Place Blvd., pre-leasing for the community’s 199 modern rental residences and 10,000 square feet of service-oriented ground level retail is coming in late May to the rapidly growing University Place community.
Designed by project architect Netta Architects with interior design being overseen by Interior Motives, RIVET 26’s 84 studio apartments, 102 one-bedroom, and 13 two-bedroom units echo the highest standards of urban living. Its completion marks the next chapter in the ongoing creation of University Place, a master redevelopment plan designed to transform Jersey City’s emerging West End neighborhood into a vibrant live-work-play community.
Developed in conjunction with New Jersey City University and Jersey City, University Place will include the construction of eight buildings, 1,000 new luxury rental residences and access to more than 120,000 square feet of retail, a performing arts center, cafes, theaters and green space.
Upon completion, RIVET 26 will join RIVET, a 163-unit luxury apartment building also completed by The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments in 2019, as the next piece of the visionary mixed-use master plan to create Jersey City’s latest dynamic and walkable neighborhood.
“We have always taken great pride in our commitment to utilizing our deep experience in real estate investment to positively impact every community in which we work,” said James Hanson II, president and chief executive officer of The Hampshire Cos. “As we near the completion of RIVET 26, we applaud the hard work of our team, project partners, NJCU and Jersey City in their ongoing efforts to bring our transformative vision for Jersey City’s west end neighborhood to life and we look forward to soon being able to welcome the building’s first residents this summer.”
Beyond the modern and well-appointed residences, the community’s amenities have been designed to cater to its residents. Beginning with the community’s landscaped sun terrace, featuring an outdoor bar with fire pits, turf lawn and lounge seating, and private BBQ and dining areas, residents will have no shortage of spaces to enjoy the summer and fall months ahead.
In addition, residents can enjoy access to in-demand retail and entertainment options right outside their doors. RIVET’s 9,500 square feet of retail space is currently fully leased to five retailers providing a range of grocery, retail and dining options. The addition of 10,000 square feet of ground-level retail space at RIVET 26 will enhance the existing retail offerings at University Place and provide additional opportunities for exciting retail and entertainment businesses to become a part of the growing neighborhood.
Ideally situated in Jersey City’s newest emerging neighborhood, the site is located one-third of a mile from a Bergen Hudson Light Rail stop, providing access to the Hackensack River Waterfront and Hoboken as well as the opportunity to transfer to the PATH train for easy access to New York City.
NJCU President Sue Henderson added, “The opening of RIVET 26 is another compelling moment in time for Jersey City’s west end. NJUC is proud to be part of the dynamic partnership bringing University Place alive – a testament to our longstanding commitment to enhancing the educational, intellectual, cultural, socioeconomic, and physical aspects of our community. Residents of RIVET 26 will have the added benefit of access to all NJCU has to offer – from a robust offering of arts and cultural performances to New Jersey’s most affordable, forward-looking undergraduate and graduate degree programs, certificates, and stackable credentials. Come join us in Jersey City’s most exciting neighborhood.”
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