MORRISTOWN, NJ – JLL Capital Markets announced that it has arranged a $105 million refinancing for Rivet and Rivet 26, a 362-unit luxury multi-unit community in the West Side neighborhood of Jersey City.
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 variable rate loan through Franklin BSP Realty Trust, Inc.
Rivet and Rivet 26 offer studio, one-, and two-bedroom apartments with quartz countertops, stainless steel appliances, vinyl floors, high-end bathrooms, and built-in washers and dryers. Community facilities include fitness centers with state-of-the-art equipment, yoga and fitness studios, courtyards with a terrace and seating, indoor lounges, pet spas, internet cafes and covered car parks.
Located 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 located immediately off Route 440, providing residents with convenient waterfront access from Hudson, lower Manhattan and the greater New York and New Jersey metropolitan area. The neighborhood offers proximity to the Hudson Mall, 273-acre Lincoln Park, and the main campus of New Jersey City University. Rivet and Rivet26 also provide residents with a shuttle, which takes commuters to and from the Journal Square PATH station. Additionally, they are both part of the New Jersey City University (NJCU) master plan called University Place. The plan includes the development of apartments, retail space and the University PAC, a state-of-the-art 500-seat performance center.
JLL Capital Markets’ debt advisory team representing the borrower was led by senior managing directors Jon Mikula and Michael Klein and partner Gerard Quinn.
“The demand for new luxury multi-family housing continues to grow in the west end of Jersey City. This project has taken years to prepare and we are proud to have been part of it from the beginning,” said Mikula.
“Benefit Street was able to provide a capital structure that will allow the borrower to continue to season the recently completed Rivet 26 and execute their business plan for both properties,” Klein added.