JERSEY CITY, N.J. — KeyBank has provided a $75 million bridge loan for the acquisition of a portfolio of two contiguous apartment buildings totaling 362 units in Jersey City. Known as the Rivet Portfolio, the properties include a 163-unit building with 9,580 square feet of retail space and a 199-unit building with 9,972 square feet of retail space. Both buildings house studio, one- and two-bedroom units and share 75,000 square feet of indoor and outdoor amenities, as well as parking. Alan Isenstadt and Joseph Tinti of KeyBank originated the financing on behalf of the owner, SMY Investments. Niko Nicolaou, Ryan Dowd JP Hohl, Peter Welch and Alexandria Ebers of Cushman & Wakefield represented the sellers, a partnership between The Hampshire Companies and Claremont Development, in the $121 million disposition of the portfolio.
Pictured is Rivet 23, one of the two Jersey City apartment buildings in the newly acquired portfolio. The building houses 163 apartments and nearly 10,000 square feet of retail space that is leased to five operators.
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