$28.5 million financing obtained for the Bergen-Lafayette rental property, Jersey City
Permanent funding worth $28.5 million has been secured for a Class A apartment community in Jersey City, New Jersey.
The community, known as The Ashton, is located at 2 Ash Street in the Bergen-Lafayette neighborhood of Jersey City, which is a Qualified Opportunity Zone. Built in 2020, the six-story, 93-unit property features a mix of one- and two-bedroom apartments that offer residents an average of 893 square feet of space. The Ashton also provides residents with community amenities such as a garage, rooftop terrace, fitness center, and lounge with coworking spaces.
Located a few blocks from the Hudson-Bergen light rail station at Liberty State Park, 1.5 miles from the Paulus Hook ferry and Exchange Place station, and less than a mile from Interstate 78 , the Ashton offers easy access to the Hudson Waterfront, Lower Manhattan and New York City. .
The financing was arranged by JLL Capital Markets on behalf of the borrower, Normandy Opportunity Zone Fund, LP, a fully discretionary closed-end investment fund managed by Columbia Property Trust. JLL secured a 10-year, fixed-rate, interest-only loan through Morgan Stanley Real Estate.
Jon Mikula and Gerard Quinn lead the JLL Capital Markets debt advisory team representing the borrower.
“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.