Kushner Cos. has secured a $515 million loan from Blackstone Real Estate Debt Strategies to refinance the first phase of The Journal, a luxury mixed-use development in Jersey City. The financing spans three years and includes two one-year extension options. Consequently, the capital will support construction completion and lease-up for the initial tower.
Located at 1 Journal Square, The Journal is a nearly $1 billion project. It includes two 52-story towers, totaling 1,723 apartments. Additionally, the development features a 12-story, 40,000-square-foot retail podium, fully leased to Target. Phase 1 comprises the 966-unit north tower and 1,000 parking spaces.
Importantly, this new loan replaces a 2022 financing package. That earlier deal included a $385 million senior loan from AIG and a $130 million mezzanine loan from Related Credit Funds. Newmark’s Jordan Roeschlaub, Nick Scribani, and John Caraviello arranged the Blackstone financing.
Meanwhile, construction of the second tower is already underway. It is backed by a $295 million loan from Apollo and RXR, finalized in June 2024. The tower will add 757 apartments and is expected to be completed by the end of the year.
The leasing center for The Journal opened on June 12. As a result, the north tower is now ready for move-ins. More than 30 percent of the units have already been leased. The Marketing Directors, based in Manhattan, are handling all leasing and marketing. Designed by Woods Bagot Architects, the building includes 493 studios, 972 one-bedrooms, 222 two-bedrooms, and 36 three-bedroom units.
Each residence features 9-foot ceilings, wide plank flooring, oversized windows with roller shades, and GE washers and dryers. Furthermore, kitchens come with stainless steel appliances, custom cabinetry, quartz countertops, subway tile backsplashes, and Kohler chrome faucets. Bathrooms mirror the quality of kitchen design. Additionally, every unit includes smart home technology that allows entry, amenity access, and thermostat control through a dedicated app.
The development offers more than 40,000 square feet of amenities. These include indoor and outdoor pools, a whirlpool spa, sauna and steam rooms, and a fitness center with yoga and spin rooms. Moreover, residents can enjoy squash and basketball courts, a rock-climbing wall, a bowling alley, golf simulators, lounges, coworking areas, a chef’s kitchen, and a children’s club.
Outdoors, the property features a nearly one-acre public plaza along John F. Kennedy Boulevard. It provides green space and seating areas. Conveniently, the plaza connects directly to the Journal Square PATH station, allowing riders to reach Manhattan in just 20 minutes. The development also sits near NJ Transit buses and major highways.
Beyond this project, Kushner Cos. is actively expanding. In June, it refinanced 2000 Biscayne in Miami. That 420-unit luxury tower, developed in partnership with PTM Partners, received an $87.3 million loan from Corebridge Financial. It represents the first phase of the Edgewater Collective, a mixed-use mega-development by the same team.
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