JLL arranges $42.5M financing for mixed-use property in Jersey City
JLL advised the developers on refinancing of RIVET residential and retail property in New Jersey City University's University Place.
MORRISTOWN, N.J., August 8, 2019 – JLL announces the $42.5 million financing of RIVET, a mixed-use multi-housing 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at www.HampshireRE.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook , Twitter (@hampshireco), and LinkedIn.
About Claremont Companies
The history of the Claremont Companies, and its affiliate, Claremont Construction Group, Inc. is one of generational growth and progress. Established in 1954, Claremont evolved from a commercial painting business to one of the country’s largest carpentry and drywall operations, providing interior construction services throughout the Mid-Atlantic States. In 1991, the current principals of Claremont strategically transitioned the company into a full-service development and general construction company. Since then, the company has completed thousands of residential units and millions of square feet of commercial/retail projects as both a principal developer and third-party general contractor. Now, in its third generation, Claremont is experiencing considerable growth with a real estate development pipeline approaching $500 million and third-party general construction projects valued in excess of $350 million.
About Circle Squared Alternative Investments
Circle Squared is a registered investment adviser with SEC and was founded in 2014 by Jeffrey Sica to work with a finite group of high-net-worth individuals and family office investors to help them find alternative market investments, primarily in private equity real estate deals. Led by a team with decades of experience, Circle Squared or its affiliates have been a joint venture member, consultant or otherwise involved with over $800 million in real estate developments and transactions since its founding. The leadership of Circle Squared has been a part of the acquisition or development of over 5,000 residential units throughout their careers. For more information, go to www.circlesquaredalts.com.
The past performances of Circle Squared and its affiliates are not indicative of the future results of the company, the joint venture or the project. Registration does not imply a certain level of skill or training.