The JLL Capital Markets Group announced that it received a refinancing of $ 255 million for Journal Squared III, a newly built, 58-story luxury multi-family high-rise in Jersey City, New Jersey.
JLL worked on behalf of the borrower, a joint venture between Kushner Real Estate Group (“Kre”) and National Real Estate Advisor, LLC (“National”), with a permanent rate by Pacific Life at the arrangement of the 12-year-old loan.
Journal Squared III, the third and last tower in the Journal Quaded Development, is located in the 595 Pavonia Ave. And offers an extraordinary transit connectivity by sitting next to the Journal Square Path Station and offers seamless access to Manhattan's Penn Station, the World Trade Center and the Newark Penn Station.
The luxurious high-rise benefits from its strategic position in the rapidly developing Journal Square district, in which the renovation of the Journal Square Center of the port authority and the Jersey City Municipal Council 2060 Journal Square 2060 for the ongoing growth of retail, hotel, residential and residential and residential Unterhaltungsgeräte in die Region vorantreiben.
The Journal Squared III, delivered in July 2024, offers 598 luxury apartment units and offers a diverse mix of studios, one, two- and three-bedroom units with an average size of 719 square foot. Die Bewohner genießen anspruchsvolle Oberflächen, einschließlich Bosch-Waschmaschinen/Trockner, Küchen von Küchenchefs, GE-Edelstahlgeräten, weißen Quarz-Arbeitsplatten, Hochglanzschränken und Kalkstein-Eichenbodenböden. The property boasts an unparalleled 100,000 square feet of shared amenities across all three Journal Squared buildings, including multiple fitness centers, a boxing ring, recording studio, theater, multiple swimming pools, sky lounges with panoramic Manhattan views, outdoor spaces with BBQ Grills and Fire Pits, A 5,000-Square Foot Dog Run and A Variety of Co-working spaces and resident lounges that serve as an extension of residents of the residents.
JLLS Capital Markets Debt Advisory Team, which represents the borrower, was led by Senior Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Vice President Michael Lach and the employee Michael Mataras.
“JLL would like to thank the KR and the national company for their trust and partnership,” said Didio, Jr. “JSQ III extraordinary acceptance package, strategic location and a strong rental agreement have a significant interest of the lender in this refinancing.
“Completing Journal Quadrat is the highlight of a ten -year effort, and we are proud that the full vision will be brought to life,” said Jonathan Kushner, President of the Kre Group. “The project has contributed to restoring the Journal Square as a flourishing, transit-connected quarter, to achieve new investments, attract residents and retail and contribute to the continued revival of the area. We appreciate our partnership with national real estate that is located for this Landmark project, and appreciate JLL for their expertise in securing the refinance that enabled us.
The JLL Capital Markets Group is a global provider of Capital Solutions for real estate investors and occupiers. The detailed local market and the global knowledge of the company provides the best solutions for customer-sei sales and advice in investment and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital market specialists worldwide with offices in almost 50 countries.