$33M Construction Loan Spurs Phase I Development

Developers took out a $32.5 million construction loan from M&T Bank to help build 163 apartments in a new property that will serve the community surrounding New Jersey City University (NJCU) on Wide Side Ave.

“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,” said Jon Mikula, senior managing director for HFF.  The company arranged the loan on behalf of the developers, a partnership between the Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments.

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.  Construction started on the building in September, and completion is scheduled for late 2017.

For comments, questions or concerns, please contact Bendix Anderson

Subscribe to Connect Daily New York