Madison Realty Capital Provides $375 Million Loan For Jersey City Development Site By Nasser Freres

The asset involved in this transaction is a development site located at 2859-2873 John F. Kennedy Boulevard in Jersey City, NJ. This project will feature 840 apartments, nearly 50,000 square feet of retail space, and 84 affordable housing units. The construction loan amounts to $375 million, contributing to one of the largest residential projects in the Journal Square neighborhood.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $375,000,000
• Lender: Josh Zegen - Madison Realty Capital
• Landlord: Michael Sokoloff - Nasser Freres
• Broker: Keith Kurland - Walker & Dunlop
• Loan Type: Construction

Walker & Dunlop has arranged the financing for Nasser Freres’ mixed-use development, highlighting the ongoing demand for transit-oriented multifamily developments despite higher construction and borrowing costs. This deal reinforces the commitment of lenders to support significant residential projects in urban markets.