$105M refinancing secured for a Jersey City multi-housing community
JLL Capital Markets arranged the refinancing for the 362-unit Rivet and Rivet 26
MORRISTOWN, NEW JERSEY, March 30, 2022 – JLL Capital Markets announced that it has arranged $105 million in refinancing for Rivet and Rivet 26, a two-building, 362-unit, luxury multi-housing community located in Jersey City’s West Side neighborhood.
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, floating-rate loan through Franklin BSP Realty Trust, Inc.
Rivet and Rivet 26 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 Rivet26 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 Rivet26 also provide residents a shuttle, which takes commuters to and from the Journal Square PATH station. Additionally, they are both part of New Jersey City University’s (NJCU) 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 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,” stated Mikula.
“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,” added 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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. 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 HampshireRE.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (facebook.com/hampshirere), Twitter (@hampshireco), and LinkedIn (linkedin.com/company/the-hampshire-companies).
About Claremont Development
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 Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of December 31, 2021, FBRT had over $9 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.fbrtreit.com.