JLL announces the $42.5 million financing of RIVET, a mixed-use multihousing and retail property located in the heart of New Jersey City University’s University Place in Jersey City, New Jersey.
JLL 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 that was previously secured by the deal team.
RIVET is located at 23 University Place Boulevard less than a half mile west of the NJCU campus. Completed in 2017, the property 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.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (HFF) prior to being acquired by JLL on July 1, 2019.
