$375M Construction Loan Financing Arranged for 840 Residence Project in Jersey City
On Jun 23, 2026Bethesda, Maryland-based Walker & Dunlop, Inc. has arranged a $375 million construction loan to finance JFK Boulevard, Nasser Freres’ mixed-use development in the heart of Journal Square, Jersey City. The financing, provided by Madison Realty Capital, will support construction of the project in Journal Square.
Upon completion, the project will deliver 579,577 rentable square feet of residential space across 840 residences, including studios, one-, two-, and three-bedroom units. In support of Jersey City’s affordable housing goals, 84 residences, representing 10% of the total units, will be designated as affordable housing.
The development will also feature nearly 50,000 square feet of retail space anchored by a national organic grocer, further enhancing the neighborhood’s growing mix of shopping, dining, and everyday conveniences. An additional 36,522 square feet will be dedicated to lifestyle and wellness amenities, including a spa, fitness center, multi-sport court, co-working and library lounges, game and screening rooms, outdoor pool with sun decks, dog run, pet spa, and a rooftop lounge.
“The Walker & Dunlop team was proud to advise Nasser Freres on the capitalization of JFK Boulevard,” said Keith Kurland, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. “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.”
“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,” said Michael Sokoloff, partner at Nasser Freres. “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.”
Located at 2859–2873 JFK Boulevard, the property sits adjacent to the historic Loew’s Jersey Theatre and less than a five-minute walk to the Journal Square PATH station. The development offers residents direct access to Lower Manhattan in approximately 10 minutes and Midtown Manhattan in approximately 20 minutes, underscoring Journal Square’s emergence as one of the New York metropolitan area’s premier transit-oriented residential destinations. Completion is scheduled for early 2029.
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