JERSEY CITY, NJ—Holliday Fenoglio Fowler 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.

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 with 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. 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.