The Ashton in Jersey City, N.J.
Courtesy Zachary Chaikin, JLL The Ashton in Jersey City, N.J.

JLL recently announced the successful $20 million financing of The Ashton, a 93-unit Class A apartment community in the Bergen-Lafayette neighborhood of Jersey City, N.J., which is just west of downtown.

The property was purchased by the Normandy Opportunity Zone Fund, LP, a closed-end, fully discretionary investment fund managed by Columbia Property Trust, which is based in New York City. The recently completed project was secured with a two-year, floating-rate loan through Rialto Capital Management.

The JLL Capital Markets team representing the borrower 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,” said Mikula.

The project site is in a qualified Opportunity Zone.The Ashton’s six stories of units include a mix of one-bedroom, one-bedroom-plus-den, and two-bedroom floor plans ranging from 706 square feet to 994 square feet.

The building offers 62 covered parking spaces and an 8,000-square-foot, second-story deck with fire pits. There’s also a rooftop deck, bicycle racks, and a fitness center. Unit interiors feature porcelain tile, granite countertops, stainless steel appliances, individual tankless water heaters, and in-unit washers and dryers.