JLL secures $255M for luxury high-rise apartment building in Jersey City
JLL (NYSE:JLL) has secured a $255 million refinancing for Journal Squared III, a newly constructed 58-story luxury apartment building in Jersey City, New Jersey. The refinancing was arranged through Pacific Life with a 12-year fixed-rate loan for the joint venture between Kushner AG真人官方 Estate Group and National AG真人官方 Estate Advisors.
The property, delivered in July 2024, features 598 luxury apartment units and is part of the larger Journal Squared development. The building offers 100,000 square feet of shared amenities across all three towers. Located adjacent to the Journal Square PATH station, the completed three-tower project represents 2.3 million square feet of mixed-use development and over $900 million in total investment.
JLL (NYSE:JLL) ha ottenuto un rifinanziamento da 255 milioni di dollari per Journal Squared III, un edificio di lusso di 58 piani appena costruito a Jersey City, New Jersey. Il rifinanziamento 猫 stato organizzato tramite Pacific Life con un prestito a tasso fisso di 12 anni per la joint venture tra Kushner AG真人官方 Estate Group e National AG真人官方 Estate Advisors.
L'immobile, consegnato a luglio 2024, comprende 598 unit脿 abitative di lusso ed 猫 parte del pi霉 ampio sviluppo Journal Squared. L'edificio offre 100.000 piedi quadrati di servizi condivisi distribuiti su tutte e tre le torri. Situato adiacente alla stazione PATH di Journal Square, il progetto completato delle tre torri rappresenta 2,3 milioni di piedi quadrati di sviluppo a uso misto e un investimento totale superiore a 900 milioni di dollari.
JLL (NYSE:JLL) ha asegurado un refinanciamiento de 255 millones de d贸lares para Journal Squared III, un edificio de apartamentos de lujo de 58 pisos reci茅n construido en Jersey City, Nueva Jersey. El refinanciamiento se gestion贸 a trav茅s de Pacific Life con un pr茅stamo a tasa fija de 12 a帽os para la empresa conjunta entre Kushner AG真人官方 Estate Group y National AG真人官方 Estate Advisors.
La propiedad, entregada en julio de 2024, cuenta con 598 unidades de apartamentos de lujo y forma parte del desarrollo m谩s amplio de Journal Squared. El edificio ofrece 100,000 pies cuadrados de comodidades compartidas en las tres torres. Ubicado junto a la estaci贸n PATH de Journal Square, el proyecto completado de las tres torres representa 2.3 millones de pies cuadrados de desarrollo de uso mixto y una inversi贸n total de m谩s de 900 millones de d贸lares.
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JLL (NYSE:JLL) a obtenu un refinancement de 255 millions de dollars pour Journal Squared III, un immeuble r茅sidentiel de luxe de 58 茅tages r茅cemment construit 脿 Jersey City, New Jersey. Le refinancement a 茅t茅 organis茅 via Pacific Life avec un pr锚t 脿 taux fixe sur 12 ans pour la coentreprise entre Kushner AG真人官方 Estate Group et National AG真人官方 Estate Advisors.
La propri茅t茅, livr茅e en juillet 2024, comprend 598 appartements de luxe et fait partie du plus vaste d茅veloppement Journal Squared. L鈥檌mmeuble offre 100 000 pieds carr茅s d鈥櫭﹒uipements partag茅s r茅partis sur les trois tours. Situ茅 脿 proximit茅 de la station PATH de Journal Square, ce projet achev茅 des trois tours repr茅sente 2,3 millions de pieds carr茅s de d茅veloppement 脿 usage mixte et un investissement total de plus de 900 millions de dollars.
JLL (NYSE:JLL) hat eine 255 Millionen US-Dollar Refinanzierung f眉r Journal Squared III gesichert, ein neu errichtetes 58-st枚ckiges Luxusapartmentgeb盲ude in Jersey City, New Jersey. Die Refinanzierung wurde 眉ber Pacific Life mit einem 12-j盲hrigen Festzinsdarlehen f眉r das Joint Venture zwischen Kushner AG真人官方 Estate Group und National AG真人官方 Estate Advisors arrangiert.
Die Immobilie, die im Juli 2024 fertiggestellt wurde, umfasst 598 luxuri枚se Wohneinheiten und ist Teil der gr枚脽eren Journal Squared Entwicklung. Das Geb盲ude bietet 100.000 Quadratfu脽 gemeinschaftliche Annehmlichkeiten 眉ber alle drei T眉rme hinweg. Direkt neben der Journal Square PATH-Station gelegen, umfasst das fertiggestellte Drei-Turm-Projekt 2,3 Millionen Quadratfu脽 gemischt genutzte Entwicklung und eine Gesamtinvestition von 眉ber 900 Millionen US-Dollar.
- Secured substantial $255M refinancing with favorable 12-year fixed-rate terms
- Strategic location next to Journal Square PATH station providing direct access to Manhattan
- 100,000 square feet of premium shared amenities across three buildings
- Part of larger $900M development project catalyzing neighborhood growth
- Large debt obligation could impact financial flexibility
- Potential exposure to Jersey City real estate market fluctuations
Insights
JLL secured a notable $255M refinancing deal for a luxury high-rise, demonstrating continued strength in their capital markets services.
JLL's Capital Markets group has successfully arranged a substantial
This refinancing comes at an opportune time, with the property having been delivered just last year (July 2024). The 598-unit luxury high-rise marks the completion of the three-tower Journal Squared development, which collectively represents 2.3 million square feet of mixed-use development and over
The property's strategic location adjacent to the Journal Square PATH station provides exceptional transit connectivity to key Manhattan and Newark destinations, a critical value driver for urban multifamily assets. Additionally, the development features an impressive 100,000 square feet of shared amenities across all three buildings, positioning it competitively in the luxury rental market.
This transaction demonstrates JLL's capital markets expertise and ability to secure favorable financing terms for institutional-quality assets. The successful execution of this refinancing not only provides value to JLL's clients but also reinforces the company's strong position in commercial real estate capital advisory services, a core revenue driver for the firm.
Refinancing arranged for Kushner AG真人官方 Estate Group & National AG真人官方 Estate Advisors' Journal Squared III in
JLL worked on behalf of the borrower, a joint-venture between Kushner AG真人官方 Estate Group ("KRE") and National AG真人官方 Estate Advisors, LLC ("NATIONAL"), in arranging the 12-year fixed-rate loan through Pacific Life.
Journal Squared III, the third and final tower in the Journal Squared development, is located at 595 Pavonia Ave. and offers exceptional transit connectivity by sitting adjacent to the Journal Square PATH station, providing seamless access to
The luxury high-rise benefits from its strategic position in the rapidly developing Journal Square neighborhood, where the Port Authority's Journal Square Transportation Center redevelopment initiative and the Jersey City Municipal Council's Journal Square 2060 Redevelopment Plan are driving sustained growth by attracting retail, office, hotel, residential and entertainment venues to the area.
Delivered in July 2024, Journal Squared III features 598 luxury apartment units, offering a diverse mix of studios, one-, two- and three-bedroom units, with an average size of 719 square feet. Residents enjoy sophisticated finishes including in-home Bosch washer/dryers, chef-inspired kitchens with GE stainless steel appliances, white quartz countertops, high-gloss cabinets and limestone oak plank flooring throughout. 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
JLL's Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Thomas Didio, Managing Director Thomas E. Didio, Jr., Director Gerard Quinn, Vice President Michael Lachs and Associate Michael Mataras.
"JLL wants to thank the KRE and NATIONAL venture for their trust and partnership," said Didio, Jr. "JSQ III's exceptional amenity package, strategic location and strong lease-up drove significant lender interest to this refinance."
With Journal Squared III now complete and standing alongside its two predecessors, the three-tower project is fully realized, delivering 2.3 million square feet of new mixed-use development and over
"Completing Journal Squared is the culmination of a ten-year effort, and we're proud to see the full vision come to life," said Jonathan Kushner, President of KRE Group. "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. We value our partnership with National AG真人官方 Estate Advisors on this landmark project and appreciate JLL for their expertise in securing the refinancing that enabled us to reach this milestone."
JLL Capital Markets Group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients 鈥� whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Kushner AG真人官方 Estate Group
KRE Group, founded in 1979 and headquartered in
About National AG真人官方 Estate Advisors, LLC
National AG真人官方 Estate Advisors, LLC ("National") is an investment manager developing, operating, and managing commercial real estate and infrastructure projects across
Since 2000, National's investment team has been constructing investment portfolios of diverse property assets 鈥� primarily multifamily, data centers, office, healthcare, and medical buildings. National manages separate accounts and multiple commingled investment vehicles. National seeks to create value for investors by adhering to a rigorous investment process and following our development principles.
National is an independently operated subsidiary of the National Electrical Benefit Fund ("NEBF"), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit .
About Pacific Life听
Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for nearly 160 years, Pacific Life is a Fortune 500 company headquartered in
About JLL鈥�
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of
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