FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $32.5 million in financing for the development of a 163-unit multi-housing property serving the community surrounding New Jersey City University (NJCU).
HFF worked exclusively on behalf of the developer, a joint venture between The Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments to secure the construction loan through M&T Bank.
The project is part of NJCU’s West Campus master plan, better known as University Place. Situated just three blocks from NJCU’s Main Campus, University Place will encompass 22 acres comprising more than 200,000 square feet of retail, 110,000 square feet of education space and a 425-bed student housing community. This development will be the first phase of University Place’s market-rate unit component, which will total approximately 600 units once it is fully built out. Due for completion later this year, the project will feature a mix of studio, one- and two-bedroom units along with more than 10,000 square feet of ground-floor retail and 177 parking spaces for residential and retail use. Units will include amenities such as high ceilings, open layouts, hardwood floors, hard surface countertops, walk-in closets and stainless steel appliances. The property will offer more than 20,000 square feet of common amenity space, including 5,000 square feet of indoor lounge space and a 15,000-square-foot open courtyard located on the third floor, which will overlook the adjacent baseball park.
The HFF debt placement team representing the borrower was led by senior managing director Jon Mikula and managing director Michael Klein.
“University Place is an exciting new development, which is utilizing an area of Jersey City that is prime for not only the University’s expansion west, but for market-rate housing and retail,” Mikula stated. “We were thrilled to be a part of the first phase of this development.”
“M&T Bank did a fantastic job getting their arms around this new market and creating a flexible structure that best met the sponsorship’s needs,” added Klein.
About The Hampshire Companies: The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
About Claremont Companies: Claremont Properties, Inc. has been in existence since 1954. Over their sixty-year history in the real estate development and construction services industries, they have completed millions of square feet of commercial, retail, educational and hospitality/entertainment projects, and over 2,000 residential units. Claremont’s senior executives average thirty years of experience across the development, construction and finance/investment disciplines. Their extensive industry experience and diverse professional make-up enables them to understand, transact and execute on complex, multi-faceted projects.
About HFF: Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.