JLL’s Capital Markets group said July 30 that it has secured a $255 million refinancing for Journal Squared III, a new, 58-story luxury multifamily high-rise in the red-hot Journal Square neighborhood of Jersey City.
JLL worked on behalf of the borrower, a joint-venture between Kushner Real Estate Group and National Real Estate Advisors, in arranging the 12-year fixed-rate loan through Pacific Life.
Journal Squared III, the third and final tower in the Journal Squared development, is located at 595 Pavonia Ave. and is adjacent to the Journal Square PATH station, providing access to Manhattan’s Penn Station, the World Trade Center and Newark Penn Station.
The luxury high-rise is located in the rapidly developing Journal Square neighborhood, where the Port Authority’s Journal Square Transportation Center redevelopment initiative and the Jersey City Municipal Council’s Journal Square 2060 Redevelopment Plan are driving growth by attracting retail, office, hotel, residential and entertainment venues to the area.
Journal Squared III features 598 luxury apartment units, offering a mix of studios, one-, two- and three-bedroom units, with an average size of 719 square feet. Units offer Bosch washer/dryers, kitchens with GE stainless steel appliances, white quartz countertops, high-gloss cabinets and limestone oak plank flooring.
The property has 100,000 square feet of shared amenities across all three Journal Squared buildings, including fitness centers, a boxing ring, recording studio, theater, multiple swimming pools, sky lounges with panoramic Manhattan views, outdoor spaces with BBQ grills and fire pits, a 5,000-square-foot dog run, co-working spaces and resident lounges.
JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Vice President Michael Lachs, and Associate Michael Mataras.
The completed three-tower project has 2.3 million square feet of new mixed-use development at Journal Square.
“Completing Journal Squared is the culmination of a 10-year effort, and we’re proud to see the full vision come to life,” said Jonathan Kushner, president of KRE Group. “The project has helped re-establish Journal Square as a thriving, transit-connected neighborhood, spurring new investment, attracting residents and retail, and contributing to the area’s ongoing revitalization.”
