JV Lands $255M Refi for Jersey City Luxury Tower
The property came online in July 2024.
A joint venture between Kushner Real Estate Group and National Real Estate Advisors has secured a $255 million loan for Journal Squared III, a 598-unit luxury residential tower in Jersey City, N.J.
Pacific Life issued the 12-year, fixed-rate note, while JLL Capital Markets represented the partnership in the deal.
The refinancing will retire a prior $245 million note originated by Wells Fargo Bank in February 2022, Yardi Matrix data shows.
Last month, Blackstone Real Estate Debt Strategies originated a $515 million note for the refinancing of the first phase of The Journal, a 2 million-square-foot mixed-use development, adjacent to the Journal Squared community. Upon completion, the Kushner Cos.’s nearly $1 billion project will feature 1,723 apartments across two 52-story towers.
The Journal Squared towers
Journal Squared III came online in July 2024 at 595 Pavonia Ave., as the third and final high-rise in the Journal Squared project, a fully realized, 2.3 million-square-foot mixed-use development. The 60-story tower features apartment units with studio, one-, two-and three-bedroom layouts, ranging from 407 to 1,286 square feet.
The master-planned community also includes the 53-story, 538-unit Journal Squared I completed in 2017, and the 70-story Journal Squared II, which was delivered in 2021 and encloses 704 apartments. The three towers share a total of 100,000 square feet of amenities, including multiple fitness centers and swimming pools, a theater, outdoor spaces with barbecue grills, coworking spaces, a recording studio and resident lounges. The megadevelopment amounts to more than $900 million in investment in the Journal Square neighborhood.
The property is adjacent to the Journal Square PATH station, which offers access to Manhattan’s Penn Station, some 6 miles northeast. Major thoroughfares in the area include Interstate 78 and U.S. Route 139. Journal Squared is also less than 2 miles from several major retailers, such as Target, Best Buy, The Home Depot and Macy’s.
The JLL Capital Markets team included Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Director Gerard Quinn, Vice President Michael Lachs and Associate Michael Mataras.
