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New York & Tri-State  + New Jersey  |  July 31, 2025
Paul Bubny
By: Paul Bubny

Kushner JV Obtains $255M Life Company Loan on Jersey City High-Rise

JLL’s Capital Markets group secured a $255-million refinancing for Journal Squared III, a newly constructed, 58-story luxury multifamily high-rise in the Journal Square neighborhood of Jersey City. Senior managing director Thomas Didio, managing director Thomas E. Didio, Jr., director Gerard Quinn, VP Michael Lachs and associate Michael Mataras worked on behalf of the borrower, a joint venture between Kushner Real Estate Group and National Real Estate Advisors, LLC, in arranging the 12-year fixed-rate loan through Pacific Life.

Journal Squared III, the third and final tower in the Journal Squared development, is located at 595 Pavonia Ave. Delivered in July 2024, the property features 598 luxury apartment units.

The luxury high-rise benefits from its position in the rapidly developing Journal Square neighborhood, where the Port Authority’s Journal Square Transportation Center redevelopment initiative and the Jersey City Municipal Council’s Journal Square 2060 Redevelopment Plan are driving sustained growth by attracting retail, office, hotel, residential and entertainment venues.

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JLL's Didio

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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