A new high-rise in Jersey City’s Journal Square neighborhood that will include affordable housing and a Whole Foods on the ground floor has nabbed financing for its buildout just months after gaining approval.
Walker & Dunlop announced that they have arranged a $375 million construction loan to finance JFK Boulevard, a mixed-use development in the heart of Journal Square. The financing, provided by Madison Realty Capital, will support construction of the project, which is being spearheaded by developer Nasser Freres.
The development is situated at 2859-2873 Kennedy Boulevard, directly adjacent to the Loews Jersey Theater. It is currently home to a two-story retail building with a curved design, which will be replaced by a new development approved in April.
Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction as an exclusive advisor to Nasser Freres LLC. Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Jack Krentzman arranged the floating-rate, interest-only construction loan, which was provided by Madison Realty Capital.
“The Walker & Dunlop team was proud to advise Nasser Freres on the capitalization of JFK Boulevard,” said Keith Kurland, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community.”
Designed by Handel Architects, JFK Boulevard will rise to just over 588 feet and include 840 residential units, 84 of which are affordable. The development will also feature nearly 50,000 square feet of retail space anchored by Whole Foods.
“JFK Boulevard reflects our long-term commitment to Journal Square and our belief in Jersey City’s continued growth as one of the country’s most dynamic urban markets,” said Michael Sokoloff, partner at Nasser Freres. “By bringing together housing, thoughtfully curated retail, and an exceptional amenity experience in a highly connected location, we are creating a destination that will contribute to the neighborhood’s continued evolution.”
An additional 36,522 square feet will be dedicated to lifestyle and wellness amenities at the complex, including a spa, fitness center, multi-sport court, co-working and library lounges, game and screening rooms, an outdoor pool with sun decks, a dog run, a pet spa, and a rooftop lounge.
“Demand for high-quality rental housing in transit-connected urban markets continues to outpace supply, and we remain focused on financing developments positioned to capture that imbalance,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “With its exceptional location, differentiated mixed-use program, and highly experienced sponsorship team, JFK Boulevard is one of the most compelling developments underway in the New York metro area.”
No car parking or garage is included in the project, which sits across from the Journal Square PATH station. Completion of the development is scheduled for early 2029.
