NJ Biz | 68-story Journal Squared high-rise secures $225M refinancing

Jessica Perry | JLL arranged refinancing for the third and final tower at Journal Squared in Jersey City.

The global commercial real estate and investment management company’s Capital Markets group worked on behalf of the borrower, a joint venture of locally based Kushner Real Estate Group and National Real Estate Advisors LLC. JLL secured the $225 million, 12-year fixed-rate loan through Pacific Life.

Rising 68 stores at 595 Pavonia Ave. in the Journal Square neighborhood, the luxury high rise features:

598 apartments
100,000 square feet of shared amenity space
36,000 square feet of street-level retail
Unapparelled access to Newark and Manhattan via the Journal Square PATH

Senior Managing Director Thomas Didio, Managing Director Thomas Didio Jr., Director Gerard Quinn, Vice President Michael Lachs and Associate Michael Mataras led the JLL Capital Markets Debt Advisory team representing the borrower.

“JSQ III’s exceptional amenity package, strategic location and strong lease-up drove significant lender interest to this refinance,” noted Didio Jr.

Delivered last fall – a decade after KRE Group and National Real Estate Advisors broke ground – Journal Squared has emerged as a cornerstone in the neighborhood’s ongoing transformation. “It really took a special developer to actually see what was possible here at the time,” Jersey City Mayor Steven Fulop noted at the time.

“We had all of this transportation infrastructure, but the reality of 2012, 2013, is that all of the development was on the waterfront. People were a little cautious about venturing away. And then to think about this big building and the amount of capital they were willing to invest here, it was really something transformational for the state of New Jersey.”

What it’s got
The complimentary Journal Squared towers rise 53 and 60 stories, respectively. Altogether, the $900 million project occupies 2.3 million square feet.

Across a variety of layouts, apartments total 1,840 across Journal Squared. According to JLL, the average footprint of a rental unit is 719 square feet. Residences include: in-home Bosch washer and dryers; kitchens with GE stainless-steel appliances, white quartz countertops and high-gloss cabinets; and limestone oak plank flooring throughout. Amenities across Journal Squared include:

Multiple fitness centers
Boxing ring
Recording studio
Theater
Multiple swimming pools
Sky lounges with panoramic Manhattan views
Outdoor spaces with BBQ grills and fire pits
5,000-square-foot dog run
Several coworking spaces and resident lounges

Shouting out National and JLL, KRE Group President Jonathan Kushner also noted the massive project’s impact on the area.

“The 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,” he said.

Just this month, Journal Square made progress on its aim to establish a dynamic food hub with the introduction of Cangiano’s Marketplace.

The popular Jersey City Italian Specialties Shop’s new spot at 531 Summit Ave. also joins Whealth Kitchen, a farm-to-table eatery; Food Story Natural Market, Journal Square’s first supermarket; and The Café at Journal Squared presented by Almost Home as food-related businesses KRE Group has recruited to the Journal Squared development.

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