Murray Kushner’s KRE snags $258M loan for phase II of massive Jersey City project

The second phase at Journal Squared is slated to open in 2021

New York /
Jan.January 25, 2019 09:00 AM

Murray and Jonathan Kushner with Journal Squared (Credit: CityRealty and Hollwich Kushner)

The KRE Group has landed funding for the second phase of its massive Jersey City rental development.

The firm secured $258 million in construction financing, KRE said in a state ment Friday. Wells Fargo and Capital One provided the loan.

The funding will be used for Tower Two at Journal Squared, a mixed-use project comprised of three buildings with 1,840 rental units in total. Tower Two will stand 71 stories tall, with 704 residences, and is slated to open in 2021.

“The closing of this loan signifies another important milestone for the Journal Squared development,” Jonathan Kushner, president of KRE Group, said in the statement. “Construction of the second tower is already well underway and we look forward to bringing it to completion.”

Tower One of the project was completed in 2017. The 53-story building has 538 units — and was fully leased within 10 months of its launch, according to the company. A joint venture with KRE and National Real Estate Advisors closed on permanent financing for the first phase of the project last year. The $210 million loan was provided by AIG and brokered by Meridian Capital. The project also includes 36,000 square feet of retail and restaurant space and a pedestrian Plaza dubbed Magnolia landing.

KRE was the first major developer to commit to Jersey City’s Journal Square neighborhood. Owned by Charles Kushner’s rival brother Murray, the company received $40 million in tax breaks and subsidized loans for the development in 2013.

Journal Squared is among five residential projects KRE has in Jersey City. Grove Pointe and 18 Park are luxury rental buildings in Downtown Jersey City. KRE has 9,000 existing apartment units with another 7,000 units in various stages of approval and construction.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
1000 Jefferson Ave, Elizabeth, New Jersey. (Kassin Sabbagh Realty)
Elion Partners buys $30M industrial property in Elizabeth
Elion Partners buys $30M industrial property in Elizabeth
A rendering of the facility at 1029 Newark Avenue in Elizabeth, Fidelco chairman Marc Berson and Elberon Development Group chairman Ann Evans Estabrook (Photos via JLL, Fidelco and Elberon)
Cold storage facility in New Jersey gets $34M loan
Cold storage facility in New Jersey gets $34M loan
(Getty)
Summer camps can reopen, but much remains unknown
Summer camps can reopen, but much remains unknown
Loew’s Theatre in Jersey City (Google Maps)
Loew’s Theatre in Jersey City set for $72M rehab
Loew’s Theatre in Jersey City set for $72M rehab
Progress Capital partner Brad Domenico and the development at 136 Summit Avenue (Photos via Progress Capital)
Jersey City development advances with $30M construction loan
Jersey City development advances with $30M construction loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...