JLL Capital Markets announced on Tuesday it has arranged $20.5 million in financing for the acquisition of a Class A apartment project in Jersey City.
The Ashton is comprised of 93 units and located at 2 Ash St. in Jersey City’s Bergen-Lafayette neighborhood, a qualified opportunity zone.
JLL’s team of Jon Mikula, senior managing director; Andrew Zilenziger, associate; and Zachary Chaikin, analyst; secured the two-year, floating-rate loan through Rialto Capital Management on behalf of the borrower, Normandy Opportunity Zone Fund L.P., an investment fund managed by Columbia Property Trust.
“We are thrilled to have been a part of one of the first acquisitions for the Normandy Opportunity Zone Fund,” Mikula said.
The property consists of a six-story residential building with a mix of one- and two-bedroom floorplans ranging from 706 to 994 square feet. There’s also 62 covered parking spots and a 8,000-square-foot, second-story deck with fire pits and seating. Other amenities include a bicycle rack, a fitness center and key card access.