JLL secures $255M for luxury high-rise apartment building in Jersey City
Rhea-AI Summary
JLL (NYSE:JLL) has secured a $255 million refinancing for Journal Squared III, a newly constructed 58-story luxury apartment building in Jersey City, New Jersey. The refinancing was arranged through Pacific Life with a 12-year fixed-rate loan for the joint venture between Kushner Real Estate Group and National Real Estate Advisors.
The property, delivered in July 2024, features 598 luxury apartment units and is part of the larger Journal Squared development. The building offers 100,000 square feet of shared amenities across all three towers. Located adjacent to the Journal Square PATH station, the completed three-tower project represents 2.3 million square feet of mixed-use development and over $900 million in total investment.
Positive
- Secured substantial $255M refinancing with favorable 12-year fixed-rate terms
- Strategic location next to Journal Square PATH station providing direct access to Manhattan
- 100,000 square feet of premium shared amenities across three buildings
- Part of larger $900M development project catalyzing neighborhood growth
Negative
- Large debt obligation could impact financial flexibility
- Potential exposure to Jersey City real estate market fluctuations
News Market Reaction – JLL
On the day this news was published, JLL declined 1.27%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Refinancing arranged for Kushner Real Estate Group & National Real Estate Advisors' Journal Squared III in
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
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
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."
With Journal Squared III now complete and standing alongside its two predecessors, the three-tower project is fully realized, delivering 2.3 million square feet of new mixed-use development and over
"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.
For more news, videos and research resources, please visit JLL's newsroom.
About Kushner Real Estate Group
KRE Group, founded in 1979 and headquartered in
About National Real Estate Advisors, LLC
National Real Estate Advisors, LLC ("National") is an investment manager developing, operating, and managing commercial real estate and infrastructure projects across
Since 2000, National's investment team has been constructing investment portfolios of diverse property assets — primarily multifamily, data centers, office, healthcare, and medical buildings. National manages separate accounts and multiple commingled investment vehicles. National seeks to create value for investors by adhering to a rigorous investment process and following our development principles.
National is an independently operated subsidiary of the National Electrical Benefit Fund ("NEBF"), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.
About Pacific Life
Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for nearly 160 years, Pacific Life is a Fortune 500 company headquartered in
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of
Contact: Gréta Kieras, Senior Associate, Public Relations
Phone: +1 949 930 8498
Email: greta.kieras@jll.com
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SOURCE JLL
FAQ
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