Journal Squared gets $258M in financing for Tower Two

Kushner Real Estate Group and National Real Estate Advisors LLC have closed on $258 million in financing for Tower Two of the Journal Squared project in Jersey City, they announced Friday.

Wells Fargo Bank N.A. and Capital One N.A. provided the construction loan to the real estate firm and investment manager.

“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,” Jonathan Kushner, KRE Group’s president, said in a prepared statement. “Construction of the second tower is already well underway, and we look forward to bringing it to completion in 2021.”

Journal Squared is a three-building project that will bring a total of 1,840 rental units to the Journal Square neighborhood, along with retail space and amenities. Tower One was completed in 2017, comprising 53 stories and 538 apartments.