February 19, 2020
JLL Capital Markets arranged $20.5 million in financing for the acquisition of The Ashton in Jersey City. The newly-completed, 93-unit, Class A apartment project was acquired by Normandy Opportunity Zone Fund LP, a closed-end, fully discretionary investment fund managed by Columbia Property Trust.
A JLL team of Jon Mikula, Andrew Zilenziger and Zachary Chaikin worked to secure the two-year, floating-rate loan through Rialto Capital Management on behalf of the Normandy fund. “We are thrilled to have been a part of one of the first acquisitions for the Normandy Opportunity Zone Fund,” Mikula said.
The Ashton is located at 2 Ash St. in Jersey City’s Bergen-Lafayette neighborhood, a Qualified Opportunity Zone. The apartments come in a variety of one-bedroom, one-bedroom-plus-den and two-bedroom floor plans, ranging from 706 to 994 square feet. The property also includes 62 covered parking spaces and an 8,000-square-foot, second-story deck.
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