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Walker & Dunlop Arranges $375M Loan for Jersey City Mixed-Use

Walker & Dunlop, Inc. has arranged a $375 million construction loan to finance JFK Boulevard, Nasser Freres’ new mixed-use development in Jersey City’s Journal Square. The financing was provided by Madison Realty Capital.

The Walker & Dunlop Capital Markets Institutional Advisory team of 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.

“The Walker & Dunlop team was proud to advise Nasser Freres on the capitalization of JFK Boulevard,” said Kurland. “The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community.”

Upon completion, the project will deliver 579,577 rentable square feet of residential space across 840 residences. In support of Jersey City’s affordable housing goals, 84 residences, representing 10% of the total units, will be designated as affordable housing.

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Walker & Dunlop's Kurland

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).

  • ◦Development
  • ◦Financing