10D — May 12 - 25, 2017 — NJAA Conference & Expo — M id A tlantic
Real Estate Journal
2017 NJAA C onference & E xpo For multi-housing development HFF arranges $32.5 million financing for in Jersey City
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the developer, a joint venture between The Hampshire Companies, Claremont
Situated just three blocks from NJCU’s Main Campus, University Place will encom- pass 22 acres comprising more than 200,000 s/f of re- tail, 110,000 s/f 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 approximate- ly 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 s/f of ground-floor retail and 177 parking spaces for resi- dential 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 s/f of common amenity space, including 5,000 s/f of indoor lounge space and a 15,000 s/f open courtyard located on the third floor, which will overlook the adjacent baseball park. The HFF debt placement team representing the bor- rower was led by senior man- aging director Jon Mikula and managing director Mi- chael 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 ex- pansion west, but for market- rate housing and retail,” Mi- kula said. “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. Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Lim- ited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provid- er of commercial real estate and capital markets services to the global commercial real estate industry. HFF, togeth- er with its affiliates, offers cli- ents a fully integrated capital markets platform including debt placement, investment sales, equity placement, ad- visory services, loan sales and commercial loan servicing. n
Jon Mikula a r r a n g e d $32.5million in financing for the de- ve l opment of a 163-unit multi-hous- ing property serving the community surrounding New Jersey City University (NJCU). HFF worked on behalf of ersey City, NJ — Hol l iday Fenogl io Fowler, L.P. (HFF) has
Companies and Circle S q u a r e d A l t e r n a - tive Invest- me n t s t o secure the construction loan through M&T Bank . The proj-
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ect is part of NJCU’s West Campus master plan, better known as University Place.
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