JLL arranges $20.5 million loan for Jersey City apartments

Loan proceeds will fund the acquisition of the newly completed property for a private opportunity zone fund

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JLL Capital Markets announced today that it has arranged $20.5 million in financing for the acquisition of The Ashton, a newly completed, 93-unit, Class A apartment project in Jersey City, New Jersey.

JLL worked to secure the two-year, floating-rate loan through Rialto Capital Management on behalf of the borrower, Normandy Opportunity Zone Fund, LP, a closed-end, fully discretionary investment fund managed by Columbia Property Trust.

The Ashton is located at 2 Ash Street in Jersey City’s Bergen-Lafayette neighborhood, a qualified opportunity zone. The property consists of a six-story residential building with a unit mix, including 93 spacious 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. 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. Other amenities include a rooftop deck with elevator access, two bicycle rack spots per unit, a state-of-the-art fitness center and key card access. Apartments feature porcelain tile throughout units, granite countertops, stainless steel appliances, individual tankless HVAC systems and in-unit washers and dryers.

The JLL Capital Markets team representing the borrower included Senior Managing Director Jon Mikula, Associate Andrew Zilenziger and Analyst Zachary Chaikin.

“We are thrilled to have been a part of one of the first acquisitions for the Normandy Opportunity Zone Fund,” Mikula said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.