$28.5M in funding secured for Jersey City multi-unit community

Normandy Opportunity Zone Fund, investment fund managed by Columbia Real Estate Trustsecured $28.5 million in permanent funding 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 fixed rate, interest-only loan through Morgan Stanley Real Estate.

Built in 2020, the Ashton offers a mix of one- and two-bedroom apartments averaging 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 terrace with fire pits and seating, a 3,000 square foot rooftop terrace with views of the Manhattan skyline, a state-of-the-art fitness center, a club room, a resident lounge with coworking spaces, covered parking and bike storage.

Located at 2 Ash St., the property is conveniently located in the Bergen-Lafayette area of ​​Jersey City, which is a qualified opportunity area. It is located just a few blocks from the Hudson-Bergen trolley station at Liberty State Park and less than a mile from Interstate 78.

The property offers efficient access to the Hudson Waterfront, Lower Manhattan, and the New York Metropolitan Statistical Area. Additionally, the community is 1.5 miles from the Paulus Hook ferry and Exchange Place station, providing additional transportation options to Manhattan. The neighborhood offers residents several parks and green spaces, including Lafayette Park in the eastern part of Bergen-Lafayette, which is closest to historic downtown Jersey City.

JLL Capital Markets’ debt advisory team representing the borrower was led by Jon Mikula and Gerard Quinn.

“The demand for new luxury multi-unit housing in the west end of Jersey City is exploding. We were very pleased with how quickly the property was able to lease this asset in a challenging COVID environment,” said Mikula.

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