Nasser Freres has secured $375 million in construction financing for its residential mixed-use project in Jersey City that will bring much-needed housing to the New York metro area.
Known as JFK Boulevard in Journal Square, it is scheduled to feature 840 residences across 579,577 rentable square feet. The units will range from studios to three bedrooms. Of the units, 84 or 10 percent, will be under the affordable housing category.
Madison Realty Capital provided the financing, with Walker & Dunlop arranging it.
The site is also delivering retail and amenities to further enhance the neighborhood. The almost 50,000 square feet of retail is anchored by an organic grocer that operates nationally. And there will be another 36,522 square feet dedicated to a spa, sport court, co-working, library lounges, screening rooms, rooftop lounge, pet activities and outdoor pool space.
W&D referred to Jersey City as "one of the country's most dynamic urban markets."
"Demand for high-quality rental housing in transit-connected urban markets continues to outpace supply, and we remain focused on financing developments positioned to capture that imbalance," Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement.
"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. We are pleased to support Nasser Freres in bringing this landmark tower to life and further strengthening Journal Square's emergence as one of the region's premier residential destinations."
The site at 2859–2873 JFK Boulevard is just a few minutes away from the Journal Square PATH station that gets residents to both Downtown and Midtown Manhattan.
Meanwhile, another major development is taking place in Journal Square: Kuldeep Sunny Kumar and Mohan Myneni's Imperial Tower is looking to deliver 542 residential units across 56 stories, which would become one of the tallest towers in the neighborhood. The developers landed a $220 million construction loanfor the project earlier this month.
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