Jersey City High-Rise Receives $258M in Financing
A partnership of Kushner Real Estate Group and National Real Estate Advisors closed on the financing for the construction of Tower Two at Journal Squared.
Kushner Real Estate Group and National Real Estate Advisors have closed on $258 million in financing for the construction of Tower Two at Journal Squared, a mixed-use development rising in Jersey City, N.J. Once completed, this will be the tallest building in the city.
The 71-story building will offer 704 rental units and a range of amenities. In addition to 18,000 square feet of retail space, the building is located in an Opportunity Zone and is aiming for LEED certification.
“The closing of this loan signifies another important milestone for the Journal Squared development, which will continue to bring much-needed housing to this transit-centric neighborhood,” said Jonathan Kushner, president of KRE Group, in prepared remarks. “Construction of the second tower is already well underway and we look forward to bringing it to completion in 2021.”
The tower is the second building to be constructed within the Journal Squared development located at 615 Pavonia Ave., which will include three buildings and a total of 1,840 units once completed. The 53-story, 538-unit Tower One property was completed in 2017 and is fully leased, while the third and final tower will rise to 63 stories.
Last spring, the joint venture broke ground on the 71-story tower, which was designed by Hollwich Kushner and Handel Architects. In August 2018, the partnership closed on $210 million in permanent financing for the first of the three towers to be built at Journal Squared.
Image courtesy of KRE Group