KEY POINTS
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Walker & Dunlop announced in late June that it had arranged a $375 million construction loan for JFK Boulevard, a planned mixed-use development set to rise in Jersey City’s Journal Square district.
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The financing follows local approvals for the 55-story project, which will replace a two-story retail building with housing, retail, and amenity space.
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Handel Architects describe a glass-forward tower with copper-toned detailing and a curved podium. Completion is slated for early 2029.
Commercial finance firm Walker & Dunlop announced in late June that it had arranged a $375 million construction loan by Madison Realty Capital for JFK Boulevard, a planned mixed-use development set to rise in Jersey City’s Journal Square district.
The developer, Nasser Freres, plans an 840-unit residential tower with 84 affordable apartments, roughly 50,000 square feet of retail space, and 36,522 square feet of amenity space. Walker & Dunlop anticipates completion for early 2029.
The financing lands as Journal Square continues a multiyear building surge. Jersey Digs described the neighborhood as the epicenter of construction in Jersey City in recent years, with major residential, retail and institutional projects reshaping the area around the PATH station.
A rendering of 2861 Kennedy Boulevard, a new, 55-story mixed-use residential tower planned in Jersey City. Image: Handel Architects
Approval Clears the Way to Build
The loan follows key local approvals for the Kennedy Boulevard site, which sits next to the Loews Jersey Theatre and is currently occupied by a two-story retail property with a curved design.
Jersey Digs previously reported the development would be heard by the Jersey City Planning Board as a 55-story tower rising to just over 588 feet.
That proposal called for a unit mix of 198 studios, 417 one-bedroom apartments, 191 two-bedroom units and 34 three-bedroom units.
Project Details in the Planning Phase
Project details supplied by Handel Architects frame the tower as a replacement for the existing low-rise retail building at 2861 Kennedy Boulevard, one block from the Journal Square PATH station. The firm describes the project as a 55-story mixed-use residential tower organized into two intersecting volumes, one of which extends up and over the other.
According to Handel’s project description, both volumes are defined by strong banding in a copper-colored metal intended to bring warmth to the facade and complement the surrounding neighborhood. The taller volume is broken by a horizontal band every six stories, while the shorter volume is designed as a two-story grid.
At street level, the design centers on a four-story podium with a gentle curve at the intersection of Bergen Avenue and Kennedy Boulevard. Handel says the podium is wrapped in tapered copper-finish cladding panels and includes a distinctive urban window extending through the block from Kennedy Boulevard to Magnolia Avenue.
Jersey Digs likewise described the exterior as a glass-forward tower that preserves the site’s curved design while incorporating metal and copper components on the lower floors.
Grocery Anchor and Amenities Add to the Mixed-Use Scenario
Retail and shopping is a central part of the development. Earlier reporting from Jersey Digs said Whole Foods had confirmed it was looking to take space on the ground floor pending full approvals, which would give the grocer a second Jersey City location.
The first-floor commercial space was previously reported at 48,687 square feet with double-height ceilings. Amenity plans are also extensive. Multifamily & Affordable Housing Business said the project will include a 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.
With financing now secured and approvals advancing, the development signals that Journal Square’s construction project pipeline remains active despite a still-challenging capital environment.
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