Kushner Companies Secures $515M Loan From Blackstone For Journal Square Multifamily Development In Jersey City

The asset involved in the transaction is a multifamily property located at 1 Journal Square Plaza in Jersey City. It encompasses 2,000,000 square feet and consists of 1,723 residential units.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $515,000,000
• Loan Amount: $515,000,000
• Loan Terms: three-year
• Lender: Stephen A. Schwarzman & Tim Johnson - Blackstone
• Landlord: Laurent Morali & Nicole Kushner Meyer - Kushner Companies
• Broker: Jordan Roeschlaub, Nick Scribani & John Caraviello - Newmark

Kushner Companies secured the loan from Blackstone to refinance and complete Phase 1 of The Journal development. The north tower is scheduled to open on July 1, with over 30% of its units already leased. Newmark arranged the deal to retire the prior financing from AIG and Related.