Walker & Dunlop, Inc. announced that it has successfully arranged $375 million in construction financing for JFK Boulevard, a major mixed-use development by Nasser Freres located in the heart of Jersey City’s Journal Square. The financing, provided by Madison Realty Capital, marks a significant milestone in the ongoing transformation of one of the New York metropolitan area’s most prominent transit-oriented districts.
The JFK Boulevard project, situated at 2859–2873 JFK Boulevard, is strategically positioned adjacent to the historic Loew’s Jersey Theatre and within a five-minute walk of the Journal Square PATH station. Once completed, the development will offer residents exceptionally fast commutes, with travel times of approximately 10 minutes to Lower Manhattan and 20 minutes to Midtown Manhattan.
“Demand for high-quality rental housing in transit-connected urban markets continues to outpace supply,” Josh Zegen, managing principal and co-founder of Madison Realty Capital said. “With its exceptional location, differentiated mixed-use program, and highly experienced sponsorship team, JFK Boulevard is one of the most compelling developments underway in the New York metro area.”
The landmark tower is set to bring substantial residential and commercial vitality to the neighborhood, featuring:
- Residential Units: 840 residences, including studios and one-, two-, and three-bedroom floor plans. In alignment with local housing goals, 10% of these units (84 homes) will be designated as affordable housing.
- Retail Space: Nearly 50,000 square feet of retail space, anchored by a national organic grocer.
- Lifestyle & Wellness: Over 36,000 square feet dedicated to amenities, including a fitness center, spa, multi-sport court, co-working lounges, an outdoor pool, and a rooftop lounge.
The transaction was orchestrated by Walker & Dunlop’s Capital Markets Institutional Advisory team, led by Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Jack Krentzman.
“The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community,” said Keith Kurland, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop.
Michael Sokoloff, partner at Nasser Freres, noted the development reflects a long-term commitment to the city’s urban growth. “By bringing together housing, thoughtfully curated retail, and an exceptional amenity experience in a highly connected location, we are creating a destination that will contribute to the neighborhood’s continued evolution,” Sokoloff said.
Construction on the project is currently underway, with a scheduled completion date in early 2029.
