Journal Squared at 595 Pavonia Ave. in Jersey City — Courtesy: JLL
By Joshua Burd
KRE Group and National Real Estate Advisors LLC have refinanced the third phase of their landmark Journal Squared project in Jersey City, in a $255 million deal arranged by JLL.
According to the debt placement team, Pacific Life provided the 12-year, fixed-rate loan in connection with the 598-unit high-rise at 595 Pavonia Ave. The transaction comes a year after KRE and National’s completion of the 58-story property, which follows two earlier phases with a combined 1,242 apartments, in a project that helped spark the development boom around the Journal Square Transportation Center.
JLL Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio Jr., Director Gerard Quinn, Vice President Michael Lachs and Associate Michael Mataras led the team representing the borrowers.
“JLL wants to thank the KRE and National venture for their trust and partnership,” Didio Jr. said. “JSQ III’s exceptional amenity package, strategic location and strong lease-up drove significant lender interest to this refinance.”
The brokerage team announced the deal Wednesday while noting that the new tower has floorplans ranging from studios to three-bedroom units, with an average size of 719 square feet. Residents have access to 100,000 square feet of shared amenity spaces across all three Journal Squared buildings, including multiple fitness centers, a boxing ring, a recording studio, a theater, multiple swimming pools and sky lounges with panoramic Manhattan views.
Other features include outdoor spaces with grills and fire pits, a 5,000-square-foot dog run and a variety of coworking spaces and resident lounges.
“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 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. 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.”
Representing an investment of more than $900 million, the full Journal Squared project comprises 2.3 million square feet that also includes some 36,000 square feet of retail space. The Journal Square PATH station and transit hub is a focal point, providing easy access to Manhattan’s Penn Station, the World Trade Center and Newark Penn Station.
