The Ashton at 2 Ash St. in Jersey City — Courtesy: JLL
By Joshua Burd
A fund operated by Columbia Property Trust has secured more than $20 million in financing to acquire a newly completed, 93-unit apartment building in Jersey City.
In a news release Tuesday, JLL said it represented the real estate investment trust in sourcing the $20.5 million loan for The Ashton, a luxury property at 2 Ash St. Rialto Capital Management is providing the two-year, floating-rate financing for the closed-end, fully discretionary investment fund known as Normandy Opportunity Zone Fund LP, which Columbia operates.
The JLL capital markets team included Senior Managing Director Jon Mikula, Associate Andrew Zilenziger and Analyst Zachary Chaikin.
“We are thrilled to have been a part of one of the first acquisitions for the Normandy Opportunity Zone Fund,” Mikula said.
Located in Jersey City’s Bergen-Lafayette neighborhood, The Ashton is part of a federally designated Opportunity Zone. The property consists of a six-story residential building with a mix of one- and two-bedroom floorplans, JLL said, noting that it also includes 62 covered parking spaces and an 8,000-square-foot, second-story amenity deck.
Other amenities include a rooftop deck with elevator access, two bicycle rack spots per unit, a modern fitness center and key card access, JLL said.