A luxury apartment community in Jersey City, N.J., has received a $105 million refinancing package. The owner — a joint venture between The Hampshire Cos., Claremont Development, and Circle Squared — received the two-year, nonrecourse loan from Franklin BSP Realty Trust. JLL secured the variable interest rate financing.

Known as the Rivet Collection, the property boasts two buildings — Rivet and Rivet26. The former delivered in 2018, the latter in 2021, and they feature a combined 362 units and more than 75,000 square feet of shared amenity space. Located at 23 and 26 University Place Blvd., the community is about 6 miles from Manhattan.

Luxury In Demand?

While the affordability crisis gets much of the attention — and rightfully so — luxury units in the tri-state area also appear to be in short supply. One factor could be the rebound of leasing velocity for upscale apartments, which slowed to a crawl during the pandemic. However, with the economy on the road to recovery, many households which may have downgraded or shifted outside of the metro are looking to get back into high-end rentals, compounded with other positive demographic trends.

A January article from Curbed notes that the highest-end apartments — meaning those with a doorman and often five-figure rents — are also showing this trend. While rents fell when luxury renters fled the area at the start of the pandemic, they snapped back even higher than ever by the end of last year.