The joint venture of The Hampshire Cos., Claremont Development and Circle Squared has secured $105 million in refinancing for Rivet and Rivet 26, a two-building luxury community totaling 362 units in Jersey City, N.J. JLL Capital Markets arranged the two-year, floating-rate loan, funded by Franklin BSP Realty Trust Inc.
The transaction retires the property’s existing debt. According to Yardi Matrix data, the developer took out a $42.5 million note from Cantor Commercial Real Estate in 2019, for the construction of Rivet. A $38.2 million construction loan for Rivet 26, issued by Manufacturers and Traders Trust Co., followed in 2020.
Completed in 2018 and 2021, respectively, Rivet and Rivet 26 comprise two five-story buildings with studio, one- and two-bedroom units. Apartments feature stainless steel appliances, quartz countertops and in-unit washers and dryers, while community amenities include fitness centers, entertainment lounges, cafes and pet spas.
Situated at 23 and 26 University Place Blvd., the transit-oriented community is within a mile of several retail options, including the Hudson Mall and green areas such as Lincoln Park. The New Jersey City University campus is less than half a mile away. The location is also within walking distance of the West Side Avenue Light Rail station and Route 440.
JLL Senior Managing Directors Jon Mikula and Michael Klein, alongside Associate Gerard Quinn, led the negotiations on behalf of the borrower. In January, JLL secured $80 million for another New Jersey asset, the 296-unit Vermella at Garwood Station in Garwood.