KRE Group and National Real Estate Advisors Secure $258 Million in Construction Financing for Second Phase of Journal Squared Development in Jersey City
JERSEY CITY, NJ (January 24, 2019) – KRE Group, a full-service real estate investment and management company with more than five decades of experience, and National Real Estate Advisors, LLC (National), an investment manager specializing in build-to-core, today announced they have closed on $258 million in financing for the construction of Tower Two at Journal Squared, the mixed-use development complex credited with helping to reenergize Jersey City’s historic Journal Square neighborhood.
Wells Fargo Bank, N.A. and Capital One, National Association provided the construction loan.
“The closing of this loan signifies another important milestone for the Journal Squared development, which will continue to bring much-needed housing to this transit-centric neighborhood,” said Jonathan Kushner, President of KRE Group. “Construction of the second tower is already well underway and we look forward to bringing it to completion in 2021.”
“This financial commitment lends further credence to the vibrant revitalization underway in the Journal Square neighborhood and lays the foundation for continued growth in the decades ahead,” said Jeff Kanne, President of National Real Estate Advisors. “
Designed by Hollwich Kushner and Handel Architects, Journal Squared will include three buildings, and bring a total of 1,840 rental residences to the area. KRE and National broke ground on Journal Squared’s Tower Two in Spring of 2018. Slated to top out in 2019, Tower Two, a 71-story building, will rise to 754 feet, making it the tallest of the three towers. When finished, it will include 704 residences and a collection of modern amenities.
Clad in aluminum panels and standing at 563 feet in height, Tower One was completed in 2017, making it the neighborhood’s tallest building to date and the third tallest building in Jersey City. The 53-story building’s 538 apartments, ranging in size from studios to three bedrooms, were fully leased within 10 months of launching leasing efforts.
Journal Squared is energizing the area’s street life by adding 36,000 square feet of retail and restaurant space, including the popular café, WHEALTH, as well as a new pedestrian plaza known as Magnolia Landing, which leads to the adjacent transit hub. Since its grand opening in the summer of 2017, Magnolia Landing has served as a venue for farmers markets, seasonal activities and community events.
With its easy access to transportation, Journal Square is quickly becoming one of Jersey City’s most in-demand neighborhoods. A covered pathway leads residents from the building directly to the Journal Square Transportation Center, one of New Jersey’s major transportation hubs. The facility has access to NJ Transit, and is also a major stop on the PATH rail system, with service to Lower and Midtown Manhattan, Hoboken, Newark and Jersey City.
For more information, please visit http://www.journalsquared.com.
About KRE Group
Founded in 1979 by Murray Kushner and Eugene Schenkman, Kushner Real Estate Group is a New Jersey-based real estate development and management company with holdings throughout New Jersey, New York, and Pennsylvania. The company has developed, owns, and manages more than six million square feet of commercial, industrial, and retail property, as well as 9,000 existing apartments with an additional 7,000 apartments in various stages of approvals and construction. With a proven track record of large-scale mixed-use development and a long history of financial relationships with lenders and institutional equity partners, KRE Group is one of the region’s leading real estate developers. For more information visit, http://www.thekregroup.com.
About National Real Estate Advisors
National Real Estate Advisors is an investment manager specializing in build-to-core—developing and owning large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed-use, industrial, data center and hotel—with design features, technological enhancements, and amenities that can drive high tenant demand and create value for investors. The firm is a subsidiary of the National Electrical Benefit Fund. For more information visit, http://www.natadvisors.com.