Kushner Real Estate Group Secures $255M Loan For Journal Squared III In Jersey City

The asset involved in this transaction is a 598-unit multifamily property located at 595 Pavonia Avenue in Jersey City. This property features a newly delivered 58-story luxury tower, situated next to the Journal Square PATH station and includes 100,000 square feet of amenities shared across a three-tower complex.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $255,000,000
• Lender: Pacific Life Insurance Company
• Landlord: Kushner Real Estate Group (KRE) - Murray Kushner & Jon Kushner
• Brokers: Thomas Didio, Thomas E. Didio, Jr, Gerard Quinn, Michael Lachs & Michael Mataras - JLL
• Loan Terms: 12-year, fixed-rate

JLL was responsible for securing a refinancing loan of $255 million from Pacific Life Insurance Company for the asset. The loan features a term of 12 years at a fixed rate and facilitates the financial structuring of the property developed by Kushner Real Estate Group along with National Real Estate Advisors.