Plans for the first phase of Artwalk Towers call for 595 luxury apartments at 808 Pavonia Ave. in the Journal Square section of Jersey City. — Rendering courtesy: Kennedy Wilson
By Joshua Burd
Kushner Real Estate Group has secured a $175 million senior construction loan for a new 595-unit luxury apartment tower in Journal Square, its latest in the booming Jersey City district.
Its lender, Kennedy Wilson, announced the transaction this week in connection with the project known as Artwalk Towers at 808 Pavonia Ave. Plans call for a 49-story high-rise with a connector to the nearby PATH station, plus amenities such as a resort-style pool, grilling areas, a modern fitness center, coworking space and a sky lounge with New York City views.
The project is the first of two buildings slated for the site, which reportedly will also be the new home of the long-awaited Centre Pompidou satellite museum. And it follows KRE’s recent completion of its three-phase, 1,840-unit Journal Squared complex that pioneered the high-profile development that’s now taking place across the Jersey City neighborhood.
KRE is slated to deliver the first phase of Artwalk Towers in late 2027, Kennedy Wilson said.
BlueGate Partners LLC arranged the $175 million debt deal, which follows Kennedy Wilson’s acquisition last summer of a $4.1 billion construction loan portfolio. Since then, the Beverly Hills, California-based firm said it has completed $2.4 billion of multifamily and student housing construction originations totaling 8,900 units with institutional sponsors across the country.
“We are excited to close on our first loan with the Kushner Real Estate Group, which has a proven track record of delivering top-tier projects that meet the needs of the area’s residents,” said Thomas Whitesell, head of Kennedy Wilson’s debt investment group. “The Artwalk Towers loan aligns with our strategy to support transformative multifamily developments in urban areas, and this closing is a great way to celebrate the debt group’s one-year anniversary at Kennedy Wilson, which has included more than $2.4 billion of originations to high-impact multifamily and student housing projects across the country.”Kushner Real Estate Group has secured a $175 million senior construction loan for a new 595-unit luxury apartment tower in Journal Square, its latest in the booming Jersey City district.
The BlueGate team involved in the deal included Mark DeLillo, Marc Schulder, Lee Spiegelman, Felipe Marin and Eli Zaoutis. In addition to arranging the construction loan, the firm represented a private family on the land sale.
“Future residents of the towers will enjoy spectacular skyline views, state-of-the-art amenities, and PATH train access to the World Trade Center in as little as 12 minutes,” said Mark DeLillo, managing partner of BlueGate. “In addition to a short commute to Manhattan, the site’s central location allows for terrific access to major employment centers of the Hudson County Waterfront, Newark and the greater metropolitan region.”
