The Journal will comprise two 64-story glass towers housing 1,723 residential units, 45,000 square feet of upscale amenities and 40,000 square feet of ground-floor retail space. — Rendering courtesy: Kushner
By Joshua Burd
Kushner has secured a $515 million loan from Blackstone for the 966-unit first phase of The Journal, its high-profile multifamily project in Jersey City’s booming Journal Square district.
Brokers with Newmark arranged the transaction, which will refinance the 63-story glass residential tower and podium at 36 Journal Square Plaza. The deal comes with leasing underway at the building and with residents now set to move in, as construction progresses rapidly on the project’s second phase.
Newmark’s Jordan Roeschlaub, Nick Scribani and John Caraviello sourced the financing. In announcing the deal, they noted that the first phase of The Journal spans 1.4 million square feet including its market-rate apartments, 45,000 square feet of upscale amenity space, a 983-space parking garage and 40,000 square feet of ground-level retail space that is fully leased to Target.
“We thank our construction lenders, AIG and Related, for their trust in us three years ago and are excited to open this bright chapter with Blackstone,” Kushner CEO Laurent Morali said. “We feel blessed to be able to finance our greatest projects with people we call friends. The lease-up couldn’t have started stronger, and we look forward to welcoming our first residents this week.”
The full project, which totals 1,723 units and 2.1 million gross square feet across the two towers, broke ground in 2022 with an estimated cost of $1 billion. It’s poised draw renters with a location that’s adjacent to the Journal Square PATH station, in an area that has welcomed thousands of new residents in recent years amid an ongoing construction boom.
“We believe in the long-term potential of Journal Square and are proud to be part of its continued evolution,” said Nicole Kushner Meyer, Kushner’s president. “This project is about more than just building homes — it is about creating beautifully designed spaces that inspire connection, elevate daily life and reflect the unique energy and spirit of the neighborhood.”
Plans also call for a nearly one-acre public plaza along John F. Kennedy Boulevard, with green space, seating areas and a schedule of public events, allowing the buildings to blend seamlessly with the neighborhood and the transit hub directly to the north. On-site amenities will include indoor basketball and squash courts, high-end spa and fitness facilities, lounges and indoor and outdoor swimming pools, among others.
“The process with Blackstone, orchestrated by Newmark, couldn’t have gone more smoothly,” said Nick Maki, head of investment management with Kushner. “We’re grateful for this great execution.”
