Slated for completion in 2029, JFK Boulevard at 2859-2873 John F. Kennedy Blvd. will bring another 840 apartments and a well-known grocer to the historic Journal Square district. — Rendering by Handel Architects / Courtesy: Walker & Dunlop
By Joshua Burd
Nasser Freres has closed on a $375 million construction loan for a project that will add 840 apartments and a well-known grocer to Jersey City’s booming Journal Square neighborhood.
According to Walker & Dunlop, which sourced the transaction, Madison Realty Capital provided the floating-rate, interest-only debt to finance the planned 55-story tower at 2859-2873 John F. Kennedy Blvd. That positions the developer to complete the project by early 2029, bringing another high-profile building to city’s fast-changing skyline.
“The Walker & Dunlop team was proud to advise Nasser Freres on the capitalization of JFK Boulevard,” said Keith Kurland, senior managing director of capital markets and co-head of institutional advisory at the firm. “The combination of a premier transit-oriented location, a compelling development program and an experienced sponsor generated significant interest from the lending community. We are pleased to have structured a financing solution that will help bring this transformative project to life and appreciate the partnership of both Nasser Freres and Madison Realty Capital throughout the process.”
The W&D team included Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Jack Krentzman. They noted that the project calls for 579,577 rentable square feet of residential space, with floorplans ranging from studios to three-bedroom units and a 10 percent set-aside for affordable housing.
The development will also have nearly 50,000 square feet of retail space anchored by a national organic grocer, which published reports have identified as Whole Foods, complementing the neighborhood’s growing mix of shopping, dining and everyday conveniences, W&D said. Nasser Freres will devote another 36,522 square feet to amenities such as a spa, a fitness center, a multisport court, coworking and library lounges, an outdoor pool with sun decks and many others.
“JFK Boulevard reflects our long-term commitment to Journal Square and our belief in Jersey City’s continued growth as one of the country’s most dynamic urban markets,” said Michael Sokoloff, a partner at Nasser Freres. “By bringing together housing, thoughtfully curated retail and an exceptional amenity experience in a highly connected location, we are creating a destination that will contribute to the neighborhood’s continued evolution. We are grateful to Walker & Dunlop and Madison Realty Capital for their partnership in helping bring this vision to life.”
The debt placement team noted that the property is adjacent to the historic Loew’s Jersey Theatre and less than a five-minute walk from the Journal Square PATH station. That provides future residents with a roughly 10-minute ride to Lower Manhattan and a 20-minute ride to Midtown Manhattan, underscoring Journal Square’s emergence as one of the region’s hottest transit-oriented residential destinations.
“Demand for high-quality rental housing in transit-connected urban markets continues to outpace supply, and we remain focused on financing developments positioned to capture that imbalance,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “With its exceptional location, differentiated mixed-use program, and highly experienced sponsorship team, JFK Boulevard is one of the most compelling developments underway in the New York metro area. We are pleased to support Nasser Freres in bringing this landmark tower to life and further strengthening Journal Square’s emergence as one of the region’s premier residential destinations.”
