Nasser Freres Lands $375M for Jersey City High-Rise

Nasser Freres has obtained a $375 million loan for JFK Boulevard, an 840-unit multifamily project in Jersey City, N.J. Madison Realty Capital provided the note in a deal brokered by Walker & Dunlop.

The developer will use the floating-rate, interest-only loan to construct the 54-story tower within Journal Square. Completion is scheduled for early 2029.

The news comes on the heels of another financing deal from Madison Realty. The company recently provided a $58 million senior loan for a Brooklyn condominium project.

The project will rise at 2859-2873 JFK Blvd., adjacent to Loew’s Jersey Theatre and close to the Journal Square PATH station. Lower Manhattan will be within 5 miles east.

The high-rise will also have about 50,000 square feet of ground-floor retail space, which will be anchored by a national organic grocer. The unit mix will include studio, one-, two- and three-bedroom units. A total of 84 residences—10 percent of the apartments—will be designated as affordable housing.

The community will have more than 36,000 square feet of amenities, including a spa, fitness center and a multisport court, along with an outdoor pool. The property is also set to have sun decks, a dog run, a pet spa and a rooftop lounge, as well as coworking and library lounges.

A Journal Square residential project

Journal Square is in the middle of a major construction surge, with thousands of new residences rising within just a few blocks of the PATH station. Several large-scale multifamily projects are reshaping the Jersey City neighborhood’s skyline, including The Journal, a $1 billion mixed-use project that was recently refinanced.

A Walker & Dunlop team comprising Senior Managing Directors Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz and Dustin Stolly, along with Managing Directors Sean Reimer and Jordan Casella, Associate Director Christopher de Raet and Analyst Jack Krentzman arranged the construction loan as an exclusive advisor to Nasser Freres.