August 9, 2019
JLL arranged the $42.5-million financing of Rivet, a mixed-use apartment and retail property in New Jersey City University’s University Place development in Jersey City.
A JLL capital markets team of Jon Mikula and Michael Klein 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. Mikula and Klein previously had secured the construction debt on the property.
Rivet is located at 23 University Place Blvd., less than a half mile west of the NJCU campus. Completed in 2017, the property features 163 apartment units and approximately 10,000 square feet of ground-floor retail. Commercial tenants include Five Guys, Cuteicles Nail & Spa, University Place Pharmacy and Carvel.
The JV constructed Rivet as part of a master redevelopment of NJCU’s west campus. This past May, the team broke ground on Rivet 2, which will contain 199 apartments.
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny