Electra Capital Provides $19M Mezz Loan for Refinancing of Two Class A Jersey City Apartment Buildings
Jersey City, N.J. (April 8, 2022) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, originated $19 million of mezzanine debt behind an $86 million senior loan for the refinancing of two Class A, luxury apartment properties in Jersey City, N.J.: Rivet (163 units) and Rivet26 (199 units).
Located on Jersey City’s west side, the two new rental communities are part of the master-planned neighborhood known as University Place, a public-private partnership between Morristown, N.J.-based developers The Hampshire Companies and Claremont Development, and New Jersey City University. University City will ultimately include eight buildings with 1,000 new luxury apartments, more than 120,000 square feet of retail space, a performing arts center, cafes, theaters and open space.
Electra Capital originated the financing on behalf of Hampshire and Claremont, with an initial two-year term plus two one-year extension options.
“Both Hampshire and Claremont have a stellar track record of developing multifamily properties in New Jersey, and the rapid lease up of both of these properties proves there is significant demand for high-quality housing in this rapidly growing submarket of Jersey City,” said Samuel J. Greenblatt, CEO of Electra Capital.
Built in 2018 and located at 23 University Place Boulevard, Rivet is a five-story property featuring studio, one- and two-bedroom apartments ranging from 507 square feet to 1,159 square feet. Completed in 2021, Rivet 26 is a five-story property at 26 University Place Boulevard with studio and one-bedroom units ranging from 501 square feet to 736 square feet. Both properties offer high-end finishes and appliances, tall ceilings, and amenities such as outdoor bar and fire pits, private grilling and dining areas and a host of indoor offerings, entertainment lounges, a billiards room, a coffee bar and a co-working lounge with private offices. Rivet includes a 15,000 square-foot entertainment lawn, and Rivet26 has 10,000 square feet of street-level retail space.
Both Rivet projects are conveniently located just a half mile from New Jersey City University, five minutes from Hudson County Community College, and one-third of a mile from a Bergen-Hudson Light Rail stop, providing access to the Hackensack River waterfront and Hoboken as well as the opportunity to transfer to Journal Square PATH Station. A complimentary shuttle connects both properties to the local PATH rail station, with lines running to Manhattan and Newark, N.J.