Newmark has arranged a $515 million loan on behalf of Kushner Cos. for the refinancing of the first phase of The Journal, a newly built 966-unit luxury multifamily building in Jersey City, N.J. Newmark’s Jordan Roeschlaub, Nick Scribani and John Caraviello secured the financing from Blackstone.
The property totals 1.4 million square feet across a 63-story, glass residential tower and podium, and contains 966 market-rate apartments, 45,000 square feet of state-of-the-art amenity space, a 983-space parking garage, and 40,000 square feet of ground-level retail space, which is fully leased to Target.
The property was recently completed and is the first phase of the Sponsor’s larger development, The Journal, which totals 1,723 units and 2.1 million gross square feet across two residential towers. The Journal is adjacent to the Journal Square PATH station, offering tenants direct access to Manhattan, Hoboken, N.J., and downtown Jersey City.
