JLL Capital Markets announced that it has arranged $105 million in refinancing for Rivet and Rivet 26, a two-building, 362-unit, luxury multihousing community located in Jersey City’s West Side neighborhood.
JLL worked on behalf of the borrower, a joint venture with The Hampshire Companies, Claremont Development and Circle Squared, to secure a two-year, non-recourse, floating-rate loan through Franklin BSP Realty Trust, Inc.
Rivet and Rivet 26 feature studio, one- and two-bedroom apartments with quartz countertops, stainless steel appliances, vinyl flooring, upscale bathrooms and in-unit washers and dryers. Community amenities include fitness centers with state-of-the-art equipment, yoga and fitness studios, courtyards with a sundeck and lounge seating, indoor lounges, pet spas, cyber cafes and covered parking decks.
Situated at 23 and 26 University Place Blvd., Rivet and Rivet26 are located within walking distance of the West Side Avenue Light Rail Station and are set immediately off of Route 440, providing residents with convenient access to the Hudson Waterfront, lower Manhattan and the greater New York and New Jersey metro area. The neighborhood offers proximity to Hudson Mall, the 273-acre Lincoln Park and New Jersey City University’s main campus. Rivet and Rivet26 also provide residents a shuttle, which takes commuters to and from the Journal Square PATH station. Additionally, they are both part of New Jersey City University’s (NJCU) Master Plan called University Place. The plan includes development of apartments, retail space and University PAC, a 500-seat state-of-the-art performance center.
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.
“Demand for new luxury multifamily housing continues to grow on the west side of Jersey City. This project has been years in the making and we are proud to have been a part of it from the start,” stated Mikula.
“Benefit Street 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,” added Klein.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
