A joint venture of the Hampshire Cos., Claremont Development and Circle Squared Alternative Investments has obtained a $105 million, two-year, non-recourse, floating-rate loan through Franklin BSP Realty Trust Inc. to refinance Rivet and Rivet 26 in Jersey City, according to a Wednesday announcement from JLL Capital Markets, which helped secure the loan.
Rivet and Rivet 26, a two-building, 362-unit, luxury multihousing community, is part of New Jersey City University’s 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 buildings 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 Rivet 26 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 Rivet 26 also provide residents with a shuttle, which takes commuters to and from the Journal Square PATH station.
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,” Mikula said.
“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,” Klein added.