Electra Capital Provides $19 millon loan for refinancing of two Class A apartment buildings

Jersey City, NJ 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: 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 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 s/f 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 Greenblatt, CEO of Electra Capital.

Built in 2018 and located at 23 University Place Blvd., Rivet is a five-story property featuring studio, one- and two-bedroom apartments ranging from 507 s/f to 1,159 s/f. Completed in 2021, Rivet 26 is a five-story property at 26 University Place Blvd. with studio and one-bedroom units ranging from 501 s/f to 736 s/f. 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 s/f entertainment lawn, and Rivet26 has 10,000 s/f 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.