JERSEY CITY, N.J. — JLL has arranged a $255 million loan for the refinancing of Journal Squared III, a newly constructed, 58-story multifamily apartment building in the Journal Square neighborhood of Jersey City. The borrower was a joint venture between Kushner Real Estate Group (KRE) and National Real Estate Advisors.
Located at 595 Pavonia Ave., adjacent to the Journal Square PATH station, Journal Squared III is the third and final tower in the $900 million Journal Squared mixed-use development, which has a combined 2.3 million square feet and 1,840 residential units, according to Wikipedia. A decade in the making, construction of Phase I of Journal Squared began in 2014. Journal Squared II, which rises 68 stories and houses 538 units, opened in summer 2021. Construction of Journal Squared III topped out in May 2023.
Completed in 2024, Journal Squared III features 598 luxury apartment units with a mix of studio, one-, two- and three-bedroom floor plans averaging 719 square feet. The development also offers 100,000 square feet of amenity space across the three buildings, such as a boxing ring, multiple fitness centers, recording studio, theater and a variety of coworking spaces and resident lounges that serve as an extension of resident living areas.
Additional outdoor amenities include sky lounges with panoramic views, barbecue grills, fire pits and a 5,000-square-foot dog park.
Monthly rental rates for a studio apartment at Journal Squared III begin at $2,570, according to Apartments.com.
Thomas Didio, Thomas Didio Jr., Gerard Quinn, Michael Lachs and Michael Mataras of JLL arranged the 12-year, fixed-rate loan through Pacific Life on behalf of the joint venture.
“This project has helped reestablish Journal Square as a thriving, transit-connected neighborhood, spurring new investment, attracting residents and retail, and contributing to the area’s ongoing revitalization,” says Jonathan Kushner, president of KRE Group.
Founded in 1979, locally based KRE Group manages a portfolio of more than 9,000 existing apartments and 6 million square feet of commercial real estate across four states.
National Real Estate Advisors is an independently operated subsidiary of the National Electrical Benefit Fund (NEBF) and invests in a variety of assets, including multifamily, data centers, office and healthcare.
— Abby Cox