JLL Capital Markets 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 93 apartments, 62 covered parking spaces and an 8,000 s/f second-story deck.
The JLL Capital Markets team representing the borrower included Senior Managing Director Jon Mikula, Associate Andrew Zilenziger and Analyst Zachary Chaikin.