Journal Squared in Jersey City — Courtesy: Kushner Real Estate Group
By Joshua Burd
Kushner Real Estate Group and National Real Estate Advisors have landed $210 million in permanent financing for the first phase of Journal Squared, a sprawling redevelopment in Jersey City that will bring three new towers with more than 1,800 apartments.
The joint venture said Thursday that it closed on the loan, which was provided by AIG, for the 538-unit first phase of the project. Completed in 2017, the 53-story tower is fully leased and has paved the way for a second phase that will add another 704 luxury apartments.
Meridian Capital Group served as the broker for the loan with AIG.
“We’re extremely pleased with Journal Squared’s progress to date,” said Jonathan Kushner, president of KRE Group. “The first tower was fully leased within 10 months of launching. The entire development is bringing much needed housing to the Journal Square neighborhood and we are excited to be part of the area’s continued redevelopment.”
The project, designed by Hollwich Kushner and Handel Architects, is transforming a site alongside the Journal Square PATH station and transit hub. The completed development will include 1,840 rental units across the three buildings.
Courtesy: KRE Group
The financing is the second loan that AIG has provided to KRE Group and National Real Estate Advisors, an investment manager, for a project in Jersey City. The first loan was for Grove Pointe, a 458-unit luxury rental building developed next to the Grove Street PATH Station.
“Journal Squared has been an unquestionable success,” said Jeff Kanne, CEO and president of National Real Estate Advisors. “In keeping with National’s strategy to invest in and develop outstanding, vanguard projects, Journal Squared has proven it can outcompete other properties based on its high-quality attributes and amenities.”
The first building is home to 20,000 square feet of amenities such as an eighth-floor space known as Club JSQ, which has a library with free Wi-Fi and a lounge that opens onto a sun terrace and outdoor swimming pool. Other amenities include a 53rd-floor observatory, fitness center and children’s playroom.
The developers, which also touted the project’s 36,000 square feet of street-level retail and restaurant space, broke ground for the second phase this past spring.