Imperial Tower Secures $220M Construction Loan in Jersey City

• Integritas Capital and Kriss Capital provided $220M in construction financing for Imperial Tower at 2966 John F. Kennedy Boulevard in Jersey City's Journal Square
• Developers Kuldeep Kumar and Mohan Myneni are delivering 542 residential units (485 market-rate, 57 affordable), a 154-key Marriott-branded hotel, and roughly 34,000 SF of ground-floor retail across 827,867 SF
• The 56-story tower sits next to the Journal Square PATH station, with direct access to Lower Manhattan and Midtown
• Delivery is targeted for 2028; the building is currently paused at eight stories while structural reinforcements are completed after a major upzoning

Palmese Backs a Journal Square Bet That Got Bigger Mid-Build

Stephen Palmese doesn't shy away from complexity. When Integritas Capital and Kriss Capital closed $220M in construction financing for Imperial Tower in Jersey City's Journal Square, they weren't funding a tidy, fully-permitted ground-up deal. They were backing a project that grew dramatically while already in the ground.

Developers Kuldeep Kumar and Mohan Myneni originally planned a midsize building. Then they secured a significant upzoning mid-construction, effectively doubling the project's ambition. The catch: the existing columns, designed for a smaller structure, had to be reinforced to support 56 stories instead. Engineers widened them from 18 inches to 36 inches. The building is currently paused at eight stories while structural work is completed.

"We're trying to provide financing to independent sponsors with institutional-quality assets," Palmese told Commercial Observer. "Closing it says a lot about that submarket because it's continuing to grow, and hopefully it says a fair amount about our capabilities and expertise in construction."

The Numbers on Imperial Tower

At 827,867 square feet across 56 stories, Imperial Tower is one of the largest ground-up developments now underway in Jersey City by both physical size and cost. The program: 485 market-rate apartments, 57 affordable units, a 154-key Marriott-branded hotel, and approximately 34,000 square feet of ground-floor retail. Amenities include a rooftop infinity pool, fitness center, coworking lounges, a theater room, a library, a children's playroom, and pet facilities. Noble Construction is handling the build; MVMK Architecture designed the tower.

Kumar put the thesis simply: "We look forward to advancing a project that expands housing opportunities and contributes to the neighborhood's long-term growth."

Jody Kriss, founder of Kriss Capital, echoed the submarket conviction: "Journal Square continues to experience strong population growth and investment activity, and we are pleased to provide financing for a project that will expand housing supply, introduce new hospitality accommodations, and contribute to the neighborhood's continued evolution."

Journal Square Is Building Up, Fast

Journal Square is in the middle of a multi-billion-dollar transformation, and Imperial Tower is one of the most ambitious pieces of it. The neighborhood's development wave includes 505 Summit Avenue, a 54-story tower that topped out in May 2025 and is set to deliver 605 apartments, and One Journal Square, twin 52-story towers rising 710 feet that began leasing in late 2025. Journal Squared, the three-tower complex that was completed in 2024, tops out at 72 stories. Imperial Tower, at 56 floors, slots into that emerging skyline and would rank among the tallest buildings in the city.

The location helps. Sitting directly adjacent to the Journal Square PATH station, the building puts residents and hotel guests steps from Lower Manhattan and Midtown Manhattan, the kind of transit access that underpins demand for both housing and hospitality in a submarket that has watched its population and investment activity grow steadily for years.

For Palmese, the deal also fits a pattern. Over the prior 15 months, Integritas had deployed roughly $700M in lending at an average loan size of $80M, with deals ranging from a $125M construction loan in DUMBO to a $25M refinancing in Fort Greene. The $220M Imperial Tower commitment is his largest Jersey City play yet and the most structurally complex.

What's Next

Construction on Imperial Tower is expected to resume after the structural reinforcements are complete, with delivery targeted for 2028. With 542 units and a hotel entering a Journal Square market that has absorbed multiple large towers already, Kumar and Myneni are betting the neighborhood's trajectory holds. Palmese, for one, is confident: "It's continuing to grow."