JLL Capital Markets said Tuesday that it arranged $20.5 million in financing for the acquisition of a 93-unit apartment project in Jersey City.
The six-story, Class A property is located at 2 Ash St. in Jersey City’s Bergen-Lafayette neighborhood, a qualified opportunity zone. Consisting of a unit mix, The Ashton includes 93 apartments in a variety of one-bedroom, one-bedroom-plus-den and two-bedroom floorplans ranging from 706 square feet to 994 square feet per unit.
JLL worked to secure the two-year, floating-rate loan through Rialto Capital Management on behalf of the borrower, Normandy Opportunity Zone Fund, a closed-end, fully discretionary investment fund managed by Columbia Property Trust.
The property also includes 62 covered parking spaces and an expansive 8,000-square-foot, second-story deck with fire pits, seating and New York City views.
The JLL Capital Markets team representing the borrower included Senior Managing Director Jon Mikula, Associate Andrew Zilenziger and Analyst Zachary Chaikin.