US property groups Kushner Real Estate (KRE) and National Real Estate Advisors have secured $255m (€222.6m) refinancing from insurer Pacific Life for their 58-storey luxury multifamily building in New Jersey.
JLL said its capital markets group, working on behalf of KRE and National Real Estate, has secured the refinancing for the newly constructed Journal Squared III (JSQ III) high-rise building, located in Jersey City’s Journal Square neighbourhood.
The 598-apartment unit JSQ III, located at 595 Pavonia Ave, is the third and final tower in the Journal Squared development.
Thomas E Didio Jr, managing director at JLL’s capital markets debt advisory, said: “JLL wants to thank the KRE and National Real Estate venture for their trust and partnership. JSQ III’s exceptional amenity package, strategic location and strong lease-up drove significant lender interest to this refinance.”
Jonathan Kushner, president of KRE Group, said: “Completing Journal Squared is the culmination of a 10-year effort, and we’re proud to see the full vision come to life. The project has helped reestablish Journal Square as a thriving, transit-connected neighbourhood, spurring new investment, attracting residents and retail, and contributing to the area’s ongoing revitalisation.
“We value our partnership with National Real Estate Advisors on this landmark project and appreciate JLL for their expertise in securing the refinancing that enabled us to reach this milestone.”
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