A joint venture between KRE Group and National Real Estate Advisors has secured $210 million in permanent financing for the first completed tower at Journal Squared, its mixed-use development project in Jersey City, N.J.’s Journal Square neighborhood.
Upon completion, Journal Squared will comprise three buildings totaling 1,840 units. Designed by Hollwich Kushner and Handel Architects, the first completed tower is 563 feet tall, making it the neighborhood’s tallest building and the third tallest in the city. The property offers 538 apartments across 53 stories. Floorplans range from studio to three-bedrooms and feature hardwood floors, central air, stainless steel appliances and washer/dryers. Residents have access to 20,000 square feet of amenities including:
- double-height lobby with lounge and 24-hour concierge
- eighth floor Club JSQ
- library with free Wi-Fi
- lounge with a sun terrace
- outdoor swimming pool
- fitness center
- yoga studio
- billiards room
- children’s playroom
- 53rd floor Sky Lounge observatory
American International Group provided the loan and Meridian Capital Group brokered the transaction.
KRE and National broke ground on Journal Squared’s second tower in the spring of this year, which will top out at 70 stories, making it the tallest of the three towers. The mixed-use property will be adding 36,000 square feet of retail and restaurant space to the neighborhood. This includes cafe Whealth, the pedestrian plaza known as Magnolia Landing and access to the adjacent transit hub Journal Square Transportation Center, that leads to NJ Transit and the PATH rail system.
“Journal Square is quickly becoming one of Jersey City’s most in-demand neighborhoods,” Jonathan Kushner, president of KRE Group, told Multi-Housing News. “We’re thrilled with how renters have responded to the first Journal Squared tower, and look forward to seeing the entire development take shape.”
KRE Group has been continuously active within the New Jersey market. Last March, in a joint venture with Avenue Realty Capital, the firm acquired Summit Hill in Springfield, N.J. for $70 million.
Image courtesy of KRE Group