JLL Capital Markets has delivered $28.5 million in financing for The Ashton, a 93-unit rental building in Jersey City. The Ashton is located at 2 Ash Street in the city’s Bergen-Lafayette neighborhood and was completed last year.
Apartments at The Ashon include a mix of one- and two-bedroom units with an average size of 893 square feet. Each residence features granite countertops, stainless steel appliances, and washers and dryers. Tenant amenities include an 8,000-square-foot second-floor terrace with fire pits and lounge seating, a 3,000-square-foot roof deck, a fitness center, a clubroom, a resident lounge with co-working spaces, on-site parking, and bike storage.
The building also achieved Energy Star certification for energy-efficient design, fixtures, appliances, and building systems.
When completed last year, net-effective monthly dues began at $2,026 for a one-bedroom apartment and $2,607 for a two-bedroom unit.
“Demand for new luxury multi-housing on the west side of Jersey City is exploding,” said JLL Capital Markets senior managing director Jon Mikula. “We were very pleased by how quickly ownership was able to lease up this asset during a challenging COVID environment.”
JLL worked on behalf of the borrower, Normandy Opportunity Zone Fund, LP, a closed-end, fully discretionary investment fund managed by Columbia Property Trust, to secure the ten-year, interest-only fixed-rate loan through Morgan Stanley Real Estate.
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