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| Rendering of planned University Place, West Campus, New Jersey City University, Florham Park, NJ |
(Rendering by Marchetto, Higgins, Stieve Architects)
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| Jon Mikula |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced 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.
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| Michael Klein |
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.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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