This project has been years in the making and we are proud to have been a part of it from the start,” stated Mikula. “Demand for new luxury multifamily housing continues to grow on the west side of Jersey City. 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. The plan includes development of apartments, retail space and University PAC, a 500-seat state-of-the-art performance center. Additionally, they are both part of New Jersey City University’s (NJCU) Master Plan called University Place. Rivet and Rivet26 also provide residents a shuttle, which takes commuters to and from the Journal Square PATH station. The neighborhood offers proximity to Hudson Mall, the 273-acre Lincoln Park and New Jersey City University’s main campus. 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.
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. 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. 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. MORRISTOWN, NEW JERSEY, Ma– 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.
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