JLL’s Capital Markets group secured a $255-million refinancing for Journal Squared III, a newly constructed, 58-story luxury multifamily high-rise in the Journal Square neighborhood of Jersey City. Senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., director Gerard Quinn, VP Michael Lachs and associate Michael Mataras worked on behalf of the borrower, a joint venture between Kushner Real Estate Group and National Real Estate Advisors, LLC, in arranging the 12-year fixed-rate loan through Pacific Life.
Journal Squared III, the third and final tower in the Journal Squared development, is located at 595 Pavonia Ave. Delivered in July 2024, the property features 598 luxury apartment units.
The luxury high-rise benefits from its position in the rapidly developing Journal Square neighborhood, where the Port Authority’s Journal Square Transportation Center redevelopment initiative and the Jersey City Municipal Council’s Journal Square 2060 Redevelopment Plan are driving sustained growth by attracting retail, office, hotel, residential and entertainment venues.
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