Walker & Dunlop, Inc. has arranged a $375 million construction loan to finance JFK Boulevard, Nasser Freres’ new mixed-use development in Jersey City’s Journal Square. The financing was provided by Madison Realty Capital.
The Walker & Dunlop Capital Markets Institutional Advisory team of Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Jack Krentzman arranged the floating-rate, interest-only construction loan.
“The Walker & Dunlop team was proud to advise Nasser Freres on the capitalization of JFK Boulevard,” said Keith Kurland, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community.”
Upon completion, the project will deliver 579,577 rentable square feet of residential space across 840 residences. In support of Jersey City’s affordable housing goals, 84 residences, representing 10% of the total units, will be designated as affordable housing.
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