Walker & Dunlop Secures $375 Million Financing for Landmark JFK Boulevard Mixed-Use Development in Jersey City
Walker & Dunlop, Inc. has announced the successful arrangement of a $375 million construction loan to support the development of JFK Boulevard, a major mixed-use project by Nasser Freres in Jersey City, New Jersey. The financing will help bring forward a transformative residential and retail destination located in the rapidly growing Journal Square neighborhood.
The construction loan was provided by Madison Realty Capital and will support the next phase of development for the project, which is positioned as a significant addition to one of the New York metropolitan area’s most active transit-oriented districts.
Walker & Dunlop Capital Markets Institutional Advisory served as exclusive financial advisor to Nasser Freres LLC, arranging the floating-rate, interest-only construction loan. The transaction was led by a team including Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Jack Krentzman.
The financing highlights continued investor and lender confidence in well-located urban developments that combine residential, retail and lifestyle components. With its proximity to major transportation infrastructure and strong demand for housing in the New York metro region, JFK Boulevard attracted significant interest from the lending community.
“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.”
Kurland added that the financing structure will help advance a project designed to transform the surrounding neighborhood while creating long-term value for residents, businesses and the broader Jersey City community.
Upon completion, JFK Boulevard will deliver approximately 579,577 rentable square feet of residential space featuring 840 apartments. The residential component will include a mix of studio, one-, two- and three-bedroom homes designed to serve a wide range of renters.
Supporting Jersey City’s affordable housing objectives, the development will include 84 income-restricted residences, representing 10% of the total residential units. This affordable housing component reflects the project’s broader commitment to creating a diverse and inclusive community.
In addition to residential offerings, JFK Boulevard will introduce nearly 50,000 square feet of retail space, including a national organic grocery store that will provide residents and visitors with convenient access to everyday essentials. The retail component is expected to contribute to the continued growth of Journal Square as a vibrant mixed-use neighborhood.
The project will also include more than 36,500 square feet of lifestyle and wellness amenities designed to provide residents with a comprehensive living experience. Planned amenities include a spa, fitness center, multi-sport court, coworking spaces, library lounges, game and screening rooms, outdoor swimming pool with sun decks, dog run, pet spa and rooftop lounge.
“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.
Sokoloff noted that the project is designed to combine housing, carefully selected retail offerings and high-quality amenities in a location that benefits from strong connectivity and ongoing neighborhood investment.
Located at 2859–2873 JFK Boulevard, the development sits next to the historic Loew’s Jersey Theatre and is less than a five-minute walk from the Journal Square PATH station. The location provides residents with direct transportation access to major employment centers, including Lower Manhattan and Midtown Manhattan.
The project’s transit accessibility is one of its defining advantages. Residents will be able to reach Lower Manhattan in approximately 10 minutes and Midtown Manhattan in roughly 20 minutes, strengthening Journal Square’s position as one of the region’s most attractive residential destinations.
Construction of JFK Boulevard is scheduled for completion in early 2029. Once delivered, the project is expected to contribute to the continued revitalization of Journal Square by adding new housing, retail services and community-focused amenities.
Josh Zegen, managing principal and co-founder of Madison Realty Capital, highlighted the strength of the project’s location and development strategy.
“Demand for high-quality rental housing in transit-connected urban markets continues to outpace supply, and we remain focused on financing developments positioned to capture that imbalance,” Zegen said.
He added that JFK Boulevard’s location, mixed-use design and experienced development team make it one of the most notable projects currently underway in the New York metropolitan area.
The financing also reflects Walker & Dunlop’s continued activity in the commercial real estate capital markets. In 2025, the company’s Capital Markets team secured more than $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties.
Through its extensive industry experience and relationships with developers, owners and investors, Walker & Dunlop continues to play a major role in financing large-scale real estate projects across the United States. The JFK Boulevard transaction further demonstrates the firm’s ability to structure complex financing solutions for high-impact developments in competitive markets.
Source Link:https://www.businesswire.com/
