JLL arranges loan for Jersey City Opportunity Zone apartment project

JLL Capital Markets has arranged a $20.5 million loan for an investment fund that’s buying a Jersey City apartment complex, NJBIZ reported. Borrower Normandy Opportunity Zone Fund, which is managed by Columbia Property Trust, plans to use the financing to purchase the 93-unit, six-story building known as The Ashton, which is in an opportunity zone. The building houses 62 parking spots, according to the outlet. Rialto Capital Management provided the two-year, floating rate loan. [NJBIZ]