HFF Secures $33M Financing for NJ Development
The first phase of University Place will feature 163-units, 10,000 square feet of ground-floor retail and 20,000 square feet of common amenity space.
By Mihaela Coste
University Place Rendering
Jersey City, N.J.—HFF recently announced that it has secured $32.5 million in construction financing for Phase One of University Place, a 163-unit student housing community in Jersey City, serving the community surrounding New Jersey City University (NJCU).
HFF Senior Managing Director Jon Mikula and Managing Director Michael Klein led the debt placement team in arranging the construction loan through M&T Bank for the developer, a joint venture between The Hampshire Co., Claremont Co. and Circle Squared Alternative Investments.
University Place is part of NJCU’s West Campus master plan and will be situated just three blocks from NJCU’s main campus. The five-story, first phase of the project will offer a mix of studio, one- and two-bedroom residences. The units will feature open layouts, high ceilings, hardwood floors, hard surface countertops, walk-in closets and stainless steel appliances. The property will have more than 10,000 square feet of ground-floor retail, more than 20,000 square feet of common amenity space, including 5,000 square feet of indoor lounge space and a 15,000-square-foot open courtyard located on the third floor as well as 177 parking spaces.
This development is the first phase of the final project, which will offer more than 200,000 square feet of retail, 110,000 square feet of educational space, a 425-bed student housing community and approximately 600 units, once it is fully built out.
Construction of the first phase of the development commenced in September 2013 and is expected to be completed later this year. The remaining phases of the development are expected to be completed and available for occupancy in 2018.
