JLL’s Capital Markets group announced that it has secured a $255 million refinancing for Journal Squared III, a newly constructed, 58-story luxury multifamily high-rise in the Journal Square neighborhood of Jersey City, New Jersey.
JLL worked on behalf of the borrower, a joint venture between Kushner Real Estate Group (“KRE”) and National Real Estate Advisors, LLC (“NATIONAL”), 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 offers exceptional transit connectivity by sitting adjacent to the Journal Square PATH station, providing seamless access to Manhattan’s Penn Station, the World Trade Center and Newark Penn Station.
The luxury high-rise benefits from its strategic position 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 sustained growth by attracting retail, office, hotel, residential and entertainment venues to the area.
Delivered in July 2024, Journal Squared III features 598 luxury apartment units, offering a diverse mix of studios, one-, two- and three-bedroom units, with an average size of 719 square feet. Residents enjoy sophisticated finishes including in-home Bosch washer/dryers, chef-inspired kitchens with GE stainless steel appliances, white quartz countertops, high-gloss cabinets and limestone oak plank flooring throughout. The property boasts an unparalleled 100,000 square feet of shared amenities across all three Journal Squared buildings, including multiple 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 and a variety of co-working spaces and resident lounges that serve as an extension of residents’ living areas.
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.
“JLL wants to thank the KRE and NATIONAL venture for their trust and partnership,” said Didio, Jr. “JSQ III’s exceptional amenity package, strategic location and strong lease-up drove significant lender interest to this refinance.
“Completing Journal Squared is the culmination of a ten-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 reestablish Journal Square as a thriving, transit-connected neighborhood, spurring new investment, attracting residents and retail, and contributing to the area’s ongoing revitalization. We value our partnership with National Real Estate Advisors on this landmark project and appreciate JLL for their expertise in securing the refinancing that enabled us to reach this milestone.”
JLL Capital Markets Group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
