Hartz Mountain Lands $58M for Luxury Jersey City Asset

The property was previously subject to a $61 million construction loan.

3 Journal Square.

3 Journal Square. Image courtesy of Yardi Matrix

Hartz Mountain Industries has obtained $58 million in refinancing for 3 Journal Square, a 240-unit luxury multifamily community in Jersey City, N.J. The seven-year, fixed-rate loan was provided by State Farm, according to Yardi Matrix data. JLL secured the financing.

The property’s previous debt was a $61 million construction loan funded by PNC Bank and TD Bank in 2015, Yardi Matrix shows.

Completed in 2017, the 13-story community comprises one-, two- and three-bedroom floorplans ranging from 496 to 1,260 square feet, as well as 2,400 square feet of ground-floor retail space. Apartments feature in-unit washers and dryers, stainless-steel appliances and granite countertops, with private balconies or patios available for select units. Common-area amenities include a fitness center, clubhouse and playground.

Situated on 3 acres at 2935 John F. Kennedy Blvd., the LEED Silver-certified property is roughly 2 miles from downtown Jersey City. The location is adjacent to the Journal Square train station, providing access to Manhattan.

Senior Managing Directors Thomas Didio and Thomas Didio Jr., along with Director Gerard Quinn and Analyst John Cumming, led the JLL team that secured the loan. Last year, Didio Jr. and Quinn were involved in securing $105 million in Freddie Mac financing for a Long Island community.

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