The Ashton at 2 Ash St. in Jersey City — Courtesy: JLL
By Joshua Burd
A fund managed by Columbia Property Trust has landed a nearly $29 million loan for a new 93-unit apartment building in Jersey City’s Bergen-Lafayette neighborhood.
Brokers with JLL announced the transaction Monday, noting that Morgan Stanley Real Estate provided the permanent financing for the property at 2 Ash St. The placement follows Columbia’s lease-up of what’s known as The Ashton, which opened in 2020 with a mix of one- and two-bedroom apartments with upscale design and a series of tenant amenities.
JLL’s Jon Mikula and Gerard Quinn led the team representing the borrower, Normandy Opportunity Zone Fund LP, in sourcing the 10-year, interest-only, fixed-rate loan.
“Demand for new luxury multi-housing on the west side of Jersey City is exploding,” Mikula said. “We were very pleased by how quickly ownership was able to lease up this asset during a challenging COVID environment.”
JLL noted that The Ashton sits within an Opportunity Zone, allowing longer-term investors to qualify for federal tax benefits. It’s also just blocks from Liberty State Park’s Hudson-Bergen Light Rail station and less than a mile from Interstate 78, providing convenient access to the Hudson waterfront, Lower Manhattan and the greater New York metropolitan area.
