The Ashton, Jersey City, NJThe Ashton, Jersey City, NJ

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JERSEY CITY, NJ—Normandy Opportunity Zone Fund, LP has secured$20.5 million in financing for its previously announced acquisitionof The Ashton apartment development here.

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The two-year, floating rate financing deal, arranged by JLLCapital Markets, was provided by Rialto Capital Management onbehalf of the Normandy Opportunity Zone, a closed-end, fullydiscretionary investment fund managed by Columbia Property Trust,Inc.

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The Ashton is located at 2 Ash St. in Jersey City'sBergen-Lafayette neighborhood, a Qualified Opportunity Zone. Theproperty consists of a six-story residential building that features93 units in a variety of one-bedroom, one-bedroom-plus-den andtwo-bedroom floor plans ranging from 706 square feet to 994 squarefeet per unit. The property also includes 62 covered parking spacesand an 8,000-square-foot, second-story deck with fire pits, seatingand New York City views.

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Other amenities include a rooftop deck with elevator access, twobicycle rack spots per unit, a state-of-the-art fitness center andkey card access. Apartments feature porcelain tile throughoutunits, granite countertops, stainless steel appliances, individualtankless HVAC systems and in-unit washers and dryers.

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The JLL Capital Markets team that represented NormandyOpportunity Zone Fund included senior managing director Jon Mikula,associate Andrew Zilenziger and analyst Zachary Chaikin.

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Mikula says the Jersey City deal is one of the first purchasesof the Normandy Opportunity Zone Fund.

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On Jan. 27, Columbia Property Trust announced it had closed onits previously announced acquisition of Normandy Real Estate Management,LLC, a developer, operator and investment manager ofoffice and mixed-use assets in New York, Boston, and Washington,D.C. Columbia acquired the operating platform and real propertyinterests of Normandy for aggregate cash and stock consideration ofapproximately $100 million, exclusive of transaction and closingcosts.

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With that deal, Columbia acquired Normandy's property andinvestment management businesses and their related fee streams, aswell as the general partnership interests and certain limitedpartnership interests totaling approximately 2% in each of NormandyReal Estate Fund III, LP; Normandy Real Estate Fund IV, LP; andNormandy Opportunity Zone Fund, LP.

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Collectively, these funds represent approximately 7 millionsquare feet of commercial real estate under management in theNortheastern U.S., including several prominent Manhattan projects.Among these are the Terminal Warehouse project and 888 Broadway inthe Flatiron District, as well as the previously announced jointventure partnerships Columbia formed with Normandy at 799 Broadwaynear Union Square Park and the redevelopment of 101 Franklin(formerly known as 250 Church St.) in the TriBeCa section of NewYork City.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.