JLL arranges $42.5M financing for mixed-use development in Jersey City

JLL announced Thursday it has arranged $42.5 million worth in financing for RIVET, a mixed-use property located in the heart of New Jersey City University‘s University Place in Jersey City.

JLL’s Capital Markets team of Jon Mikula, senior managing director; and Michael Klein, managing director; advised the borrower, a joint venture between The Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments, on the refinancing of an existing construction loan.

RIVET, which is located at 23 University Place Blvd., features 163 apartments, approximately 10,000 square feet of ground-floor retail and a 177-space parking garage. It boasts amenities including a fitness center; yoga studio; a 15,000-square-foot courtyard with a sundeck; a cybercafe with Wi-Fi; an indoor lounge; a pet spa; and virtual entry and a package delivery system.

Current tenants at the building include Five Guys, Cuteicles Nail & Spa, University Place Pharmacy and Carvel.