JLL Arranges $105M Loan for Refinancing of Jersey City Apartment Community
JERSEY CITY, N.J. — JLL has arranged a $105 million loan for the refinancing of a two-building, 362-unit apartment community in Jersey City. The buildings, which are branded Rivet and Rivet 26, feature studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Both buildings offer amenities such as fitness centers with yoga studios, indoor and outdoor lounges, pet spas and cybercafés. Jon Mikula, Michael Klein and Gerard Quinn of JLL arranged the nonrecourse loan through Franklin BSP Realty Trust Inc. on behalf of the borrower, a joint venture between The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments. The loan carried a two-year term and a floating interest rate. Electra Capital provided a $19 million mezzanine loan for the deal to supplement the $86 million senior loan.