Permanent financing worth $28.5 million has been secured for a Class A apartment community in Jersey City, New Jersey.
The community, known as The Ashton, is located at 2 Ash Street in Jersey City’s Bergen-Lafayette neighborhood, which is a Qualified Opportunity Zone. Built in 2020, the six-story, 93-unit property encompasses a mixture of one- and two-bedroom apartments which offer residents an average space of 893 square feet. The Ashton also offers residents community amenities such as garage parking, rooftop deck, fitness center, and lounge with co-working spaces.
Situated a few blocks from Liberty State Park’s Hudson-Bergen Light Rail station, 1.5 miles from Paulus Hook Ferry and Exchange Place Station, and less than one mile from Interstate 78, The Ashton provides easy access to the Hudson waterfront, Lower Manhattan, and NYC.
The finance was organized by JLL Capital Markets on behalf of the borrower, Normandy Opportunity Zone Fund, LP, a closed-end, fully discretionary investment fund managed by Columbia Property Trust. JLL secured a 10-year, interest-only, fixed-rate, loan through Morgan Stanley Real Estate.
Jon Mikula and Gerard Quinn lead the JLL Capital Markets Debt Advisory Team representing the borrower.
“Demand for new luxury multi-housing on the west side of Jersey City is exploding. We were very pleased by how quickly ownership was able to lease up this asset during a challenging COVID environment,” said Mikula.