Walker & Dunlop announced that it arranged a $375 million construction loan to finance JFK Boulevard, a mixed-use development from Nasser Freres in Journal Square in Jersey City, New Jersey.
The financing was provided by Madison Realty Capital and will support construction of the project in one of the New York metropolitan area’s fastest-growing transit-oriented districts.
Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction as exclusive advisor to Nasser Freres. 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.
Upon completion, JFK Boulevard will include 579,577 rentable square feet of residential space across 840 residences. The unit mix will include studios, one-bedroom, two-bedroom, and three-bedroom apartments. And 84 residences, representing 10% of the total units, will be designated as affordable housing in support of Jersey City’s affordable housing goals.
The development will also include nearly 50,000 square feet of retail space anchored by a national organic grocer. The retail component is expected to enhance the neighborhood’s growing mix of shopping, dining, and everyday conveniences.
JFK Boulevard will also feature 36,522 square feet of lifestyle and wellness amenities. Planned amenities include a spa, fitness center, multi-sport court, co-working and library lounges, game and screening rooms, an outdoor pool with sun decks, a dog run, pet spa, and rooftop lounge.
Located at 2859-2873 JFK Boulevard, the property is adjacent to the historic Loew’s Jersey Theatre and less than a five-minute walk from the Journal Square PATH station. The location provides residents with direct access to Lower Manhattan in about 10 minutes and Midtown Manhattan in about 20 minutes.
The project is scheduled for completion in early 2029.
In 2025, Walker & Dunlop’s Capital Markets team sourced more than $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties.
Walker & Dunlop is a commercial real estate finance and advisory services firm. Madison Realty Capital is a real estate private credit manager focused on U.S.-based commercial real estate lending strategies.
KEY QUOTES:
“The Walker & Dunlop team was proud to advise Nasser Freres on the capitalization of JFK Boulevard.”
“The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community. We are pleased to have structured a financing solution that will help bring this transformative project to life and appreciate the partnership of both Nasser Freres and Madison Realty Capital throughout the process.”
Keith Kurland, Senior Managing Director of Capital Markets and Co-Head of Institutional Advisory at Walker & Dunlop
“JFK Boulevard reflects our long-term commitment to Journal Square and our belief in Jersey City’s continued growth as one of the country’s most dynamic urban markets.”
“By bringing together housing, thoughtfully curated retail, and an exceptional amenity experience in a highly connected location, we are creating a destination that will contribute to the neighborhood’s continued evolution. We are grateful to Walker & Dunlop and Madison Realty Capital for their partnership in helping bring this vision to life.”
Michael Sokoloff, Partner at Nasser Freres
“Demand for high-quality rental housing in transit-connected urban markets continues to outpace supply, and we remain focused on financing developments positioned to capture that imbalance.”
“With its exceptional location, differentiated mixed-use program, and highly experienced sponsorship team, JFK Boulevard is one of the most compelling developments underway in the New York metro area. We are pleased to support Nasser Freres in bringing this landmark tower to life and further strengthening Journal Square’s emergence as one of the region’s premier residential destinations.”
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital
