The final phase at one of the largest developments in Jersey City’s history has secured a major refinancing deal just about a year after its opening.
JLL Capital Markets announced they have secured $255 million for Journal Squared III, a 58-story high-rise located next to the neighborhood’s PATH station. The refinancing deal was arranged for developers Kushner Real Estate Group & National Real Estate Advisors via a 12-year fixed-rate loan through Pacific Life.
The third and final tower in the Journal Squared development is located at 595 Pavonia Avenue and was completed in July 2024. The newest portion of the property includes 598 apartments via a mix of studios, one-, two- and three-bedroom units, with an average size of 719 square feet.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Vice President Michael Lachs and Associate Michael Mataras.
“JLL wants to thank the KRE and National venture for their trust and partnership,” said Didio Jr. in a statement “Journal Squared III’s exceptional amenity package, strategic location and strong lease-up drove significant lender interest to this refinance.”
The perks at the property are indeed impressive, as there is a total of 100,000 square feet of shared amenities across all three Journal Squared buildings. Sprinkled throughout the towers are multiple fitness centers, a boxing ring, recording studio, theater, multiple swimming pools, sky lounges, outdoor spaces with BBQ grills and fire pits, a 5,000-square-foot dog run, and a variety of co-working spaces and resident lounges.
The complex has additionally added some retail to the area, with the acclaimed Italian deli Cangiano’s recently opening on the ground floor of the property. The business joins Whealth, Food Story, and an Almost Home Café outpost as tenants.
With Journal Squared III now complete and standing alongside its two predecessors, the 2.3 million square foot three-tower project is fully realized. The project invested over $900 million in the area and includes a total of 1,840 apartments.
“Completing Journal Squared is the culmination of a ten-year effort, and we’re proud to see the full vision come to life,” said Jonathan Kushner, President of KRE Group. “The project has helped reestablish Journal Square as a thriving, transit-connected neighborhood, spurring new investment, attracting residents and retail, and contributing to the area’s ongoing revitalization.”
