A joint venture between The Hampshire Co., Claremont Co. and Circle Squared Alternative Investments has locked down $32.5 million in construction financing for phase one of University Place. The mixed use scheme in Jersey City will feature 163 apartment units, 10,000 sqf of ground floor retail and 20,000 sqf of common amenity space. The project is part of New Jersey City University’s West Campus master plan and will be situated just three blocks from NJCU’s main campus.
This development is the first phase of the final project, which will see the construction of more than 200,000 square feet of retail, 110,000 square feet of educational space, a 425-bed student housing community and approximately 600 units. Holliday Fenoglio Fowler senior managing director Jon Mikula and managing director Michael Klein led the debt placement team in arranging the financing through M&T Bank for the developers.
