A rendering of Journal Squared, a mixed-use 1,840-unit development in Jersey City by Kushner Real Estate Group and National Real Estate Advisors LLC — Courtesy: KRE Group/Hollwich Kushner and Handel Architects
By Joshua Burd
Kushner Real Estate Group and National Real Estate Advisors LLC have closed on $258 million in construction financing for the second phase of Journal Squared, their high-profile mixed-use development in Jersey City’s historic Journal Square neighborhood.
The firms announced Friday that Wells Fargo Bank and Capital One are providing the loan, which will support the construction of the 71-story second tower. Slated to top out this year, the 754-foot structure will be the tallest of three and will include 704 apartments and high-end amenities, with a location just steps from the Journal Square PATH station and transit hub.
“The closing of this loan signifies another important milestone for the Journal Squared development, which will continue to bring much-needed housing to this transit-centric neighborhood,” said Jonathan Kushner, president of KRE Group. “Construction of the second tower is already well underway and we look forward to bringing it to completion in 2021.”
KRE and National broke ground on the second tower last spring, about a year after completing the 538-unit first phase. The initial 53-story tower was fully leased within 10 months.
At full build-out, Journal Squared will bring a total of 1,840 apartments to the onetime commercial hub of Jersey City.
“This financial commitment lends further credence to the vibrant revitalization underway in the Journal Square neighborhood and lays the foundation for continued growth in the decades ahead,” said Jeff Kanne, president of National Real Estate Advisors.
Designed by Hollwich Kushner and Handel Architects, Journal Squared also calls for 36,000 square feet of retail and restaurant space, including the café known as WHEALTH and a new pedestrian plaza known as Magnolia Landing. The plaza, which leads to the adjacent transit hub, has served as a venue for farmers markets, seasonal activities and community events.