Kushner Cos. Secures $515M Loan for Jersey City Luxury Development
The project's total costs have reached nearly $1 billion.
Blackstone Real Estate Debt Strategies has provided a three-year, $515 million loan to Kushner Cos. to refinance the first phase of The Journal, a luxury 2 million-square-foot mixed-use development in Jersey City, N.J.
The nearly $1 billion project will have 1,723 apartments across two 52-story towers. The project, located at 1 Journal Square also includes a 12-story, 40,000-square-foot retail podium that is fully leased to Target. In addition to the retail space, Phase 1 is comprised of the 966-unit north tower and 1,000 parking spaces.
The loan, which includes two one-year extension options, will be used to complete construction and lease-up. Jordan Roeschlaub, Nick Scribani and John Caraviello of Newmark arranged the financing deal.
The transaction was first reported by Commercial Observer, which noted that the loan will retire a 2022 construction financing package that featured a $385 million senior loan provided by AIG and a $130 million mezzanine loan provided by Related Credit Funds.
Construction of the second phase is underway and is backed by a $295 million loan that Apollo and RXR originated in June 2024. The second phase is expected to be completed by the end of this year. It will have 757 apartments.
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Kushner Cos. also recently refinanced a South Florida property developed as part of a joint venture with PTM Partners. The joint venture partners last month secured an $87.3 million loan from Corebridge Financial to refinance 2000 Biscayne, a 420-unit residential tower in Miami. The luxury property is the first phase of the two-part Edgewater Collective, a mixed-use mega-development being built by Kushner Cos. and PTM Partners.
A closer look at The Journal
The Leasing Center for The Journal opened on June 12. CO reported the north tower is ready for move-ins, with more than 30 percent of the units already leased. Manhattan-based The Marketing Directors is the exclusive leasing and marketing agent for the development. The property, designed by Woods Bagot Architects, has a mix of 493 studios, 972 one-bedrooms, 222 two-bedrooms and 36 three-bedroom units.
The residences will have 9-foot ceilings, oversized windows with roller shades, wide plank flooring, and in-unit GE washers and dryers. Kitchen features include stainless steel appliances, custom cabinetry, quartz countertops, subway tile backsplashes and chrome Kohler faucets. Bathrooms also have custom cabinetry and Kohler fixtures. The residences have smart home technology including a SmartApp for entry, amenity access and thermostat control.
The Journal will feature more than 40,000 square feet of amenities including indoor and outdoor pools, a whirlpool spa, sauna and steam rooms, indoor basketball and squash courts, fitness center with yoga and spin rooms and a rock-climbing wall. Other amenities include a bowling alley, golf simulators, multiple lounges, coworking spaces, chef’s kitchen and a children’s club.
The property will include a nearly one-acre public plaza along John F. Kennedy Boulevard with green spaces and seating areas. The plaza will be adjacent to the transit hub at the Journal Square PATH station where riders can take PATH trains into Manhattan in 20 minutes. The property is also near NJ Transit bus lines and major highways.
