$28.5M in financing secured for Jersey City multi-housing community

JLL Capital Markets arranged the permanent financing on behalf of Normandy Opportunity Zone Fund

Normandy Opportunity Zone Fund, an investment fund managed by Columbia Property Trust, obtained $28.5 million in permanent financing for the Ashton, a 93-unit, six-story, Class A apartment community in Jersey City, according to a Friday announcement from JLL Capital Markets.

JLL worked on behalf of the borrower to secure the 10-year, interest-only, fixed-rate, loan through Morgan Stanley Real Estate.

Built in 2020, the Ashton offers a mix of one- and two-bedroom apartments with an average size of 893 square feet. Units feature granite countertops, stainless steel appliances and individual washers and dryers in each unit. Community amenities include an 8,000-square-foot deck with fire pits and lounge seating, a 3,000-square-foot rooftop deck with views of the Manhattan skyline, a state-of-the-art fitness center, a clubroom, a resident lounge with coworking spaces, garage parking and bicycle storage.

Located at 2 Ash St., the property is conveniently situated in Jersey City’s Bergen-Lafayette neighborhood, which is a Qualified Opportunity Zone. It is set just a few blocks away from Liberty State Park’s Hudson-Bergen Light Rail station and less than 1 mile from Interstate 78.

The property offers efficient access to the Hudson Waterfront, Lower Manhattan and the greater New York metropolitan statistical area. Additionally, the community is 1.5 miles from Paulus Hook Ferry and Exchange Place Station, offering additional transit options to Manhattan. The neighborhood provides residents multiple parks and greenspace, including Lafayette Park in Bergen-Lafayette’s eastern section, which sits closest to historic downtown Jersey City.

The JLL Capital Markets Debt Advisory Team representing the borrower was led by Jon Mikula and Gerard Quinn.

“Demand for new luxury multihousing 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,” Mikula said.