JFK Boulevard Jersey City has moved from drawing board to financed reality, with developer Nasser Freres landing a $375 million construction loan to build an 840 unit residential tower in the heart of Journal Square. Madison Realty Capital provided the floating rate, interest only note in a transaction brokered by Walker & Dunlop, and the developer will use the proceeds to raise a 54 story high rise scheduled to come online in early 2029. The building will rise at 2859 to 2873 JFK Boulevard, directly beside the historic Loew’s Jersey Theatre and a short walk from the Journal Square PATH station, placing Lower Manhattan within roughly five miles to the east. The location is central to the deal’s logic, since transit access has become the single biggest draw for renters across the neighborhood. The tower will carry about 50,000 square feet of ground floor retail anchored by a national organic grocer. The residential program blends studios with one, two and three bedroom apartments, and 84 of the homes, or 10 percent of the total, will be set aside as affordable housing. Residents will also gain more than 36,000 square feet of amenities, including a spa, a fitness center, a multisport court and an outdoor pool, alongside sun decks, a dog run, a pet spa, a rooftop lounge and both coworking and library lounges. The scale and mix point to a building designed to compete at the top of the local rental market.

Journal Square and the Wider New Jersey Building Surge

The Journal Square location places JFK Boulevard inside one of the most active construction corridors on the East Coast, where thousands of new homes are rising within a few blocks of a single PATH station. The clearest comparable sits almost next door. Kushner’s project known as The Journal, a roughly $1 billion mixed use development of twin 52 story towers holding 1,723 apartments, reached completion in early 2026 according to public records and reset expectations for what the neighborhood could absorb. Nearby, the KRE Group and National Real Estate Advisors finished the three tower Journal Squared complex in late 2024, adding more than 1,800 units across rises of 54, 60 and 70 stories. Nasser Freres is not new to the area either, having advanced The Cottage, a 622 unit project, only a short distance away. The momentum is not confined to northern New Jersey. Across the state in Camden, Gilbane and NJ Transit are pursuing the 25 story Beacon Building, billed as South Jersey’s tallest office tower as part of a transit hub overhaul anchored by more than $250 million in state support. Read together, these projects show a state leaning hard into transit oriented density, with private capital concentrating around rail nodes that connect quickly to Manhattan and Philadelphia. Against that backdrop, an 840 unit tower at a PATH hub reads less as a gamble and more as a continuation of a proven pattern.

JFK Boulevard Jersey City Timeline and Completion Outlook

With the $375 million construction loan now closed, JFK Boulevard moves into its build phase on a path toward completion in early 2029. The financing structure matters here, since a floating rate, interest only loan gives the developer breathing room during construction before the building stabilizes and begins leasing. The immediate milestones ahead involve site work and vertical construction of the 54 story frame, followed by the fit out of retail space and the more than 36,000 square feet of amenities. The presence of a committed national organic grocer as retail anchor reduces one common source of leasing risk, while the 10 percent affordable component aligns the project with local housing expectations. Open questions remain typical for a tower of this scale, including how a wave of simultaneous Journal Square deliveries will affect rents as multiple buildings stabilize in the same window. Still, the Walker & Dunlop team that arranged the loan framed the deal as a vote of confidence in the submarket. On completion, the tower is expected to deepen the neighborhood’s residential base and reinforce Journal Square’s standing as a primary gateway between New Jersey and Manhattan.

Project Fact Sheet

• Project Name: JFK Boulevard
• Location: 2859 to 2873 JFK Boulevard, Journal Square, Jersey City, New Jersey
• Project Value: $375 million construction loan from Madison Realty Capital, per the Multi-Housing News report of June 2026
• Client / Owner: Nasser Freres
• Lender: Madison Realty Capital
• Financing Advisor: Walker & Dunlop
• Building Height: 54 stories
• Key Components: 840 residential units, about 50,000 square feet of ground floor retail anchored by a national organic grocer, more than 36,000 square feet of amenities
• Affordable Housing: 84 units, equal to 10 percent of the apartments
• Loan Structure: Floating rate, interest only construction loan
• Expected Completion: Early 2029
• Strategic Impact: Adds significant transit adjacent housing supply to Journal Square, one block from the PATH station serving Lower Manhattan

Project Team

• Developer / Owner: Nasser Freres
• Lender: Madison Realty Capital
• Financing Advisor: Walker & Dunlop, led by Senior Managing Directors Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz and Dustin Stolly, with Managing Directors Sean Reimer and Jordan Casella, Associate Director Christopher de Raet and Analyst Jack Krentzman
• Main Contractor: Not yet disclosed

Frequently Asked Questions

How much did JFK Boulevard Jersey City secure in financing? JFK Boulevard Jersey City secured a $375 million construction loan from Madison Realty Capital, arranged by Walker & Dunlop on behalf of developer Nasser Freres.

When will JFK Boulevard Jersey City be completed? Completion is scheduled for early 2029, following the close of the construction loan that funds the build.

Who is developing JFK Boulevard Jersey City? Nasser Freres is developing the tower, with Madison Realty Capital as lender and Walker & Dunlop as financing advisor.

How many units will JFK Boulevard Jersey City have? The 54 story tower will hold 840 residential units, including 84 affordable homes, plus roughly 50,000 square feet of ground floor retail.

Where is JFK Boulevard Jersey City located? The tower will rise at 2859 to 2873 JFK Boulevard in Journal Square, beside Loew’s Jersey Theatre and close to the Journal Square PATH station.