After finishing a portion of its The Journal multifamily development in Jersey City, New Jersey, Kushner Companies has landed a $515 million loan. This will serve as a refinancing for the first phase of the 2.1 million square foot planned development.
Blackstone is providing the loan, while Newmark arranged the deal, led by its brokers John Caraviello, Jordan Roeschlaub and Nick Scribani.
The first phase, which was recently delivered, features 966 market-rate apartments and 1.4 million square feet of space. The 63-story glass tower also includes 40,000 square feet of ground retail that's 100 percent leased to Target, 45,000 square feet of amenity space and a parking garage that holds 983 spots.
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Once the full project is complete, The Journal will feature another residential tower and 1,723 units altogether. The property is located near the PATH station in Journal Square, which can get residents to Manhattan, Downtown Jersey City and Hoboken.
Also, in New Jersey, Kushner last fall received $415 million through loans to add 1,000 apartments to its redevelopment of the Monmouth Mall in Eatontown. Kushner's full multifamily portfolio extends to 27,000 properties, with another 10,000 units under development.
Even with economic uncertainty, multifamily has been showing resilience, as highlighted in a recent report from Yardi Matrix. Notably, markets with limited supply have thrived, including New York and New Jersey, which have seen rent growth of 13.5 and 8.5 percent, respectively, in the first half of 2025. But generally, the CRE research firm expects rent growth to remain moderate nationally at around one percent.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
