Journal Squared III Secures $255M Refinancing, Marking a New Era for Jersey City Luxury Living

Source: JLL

Reported By: Matthew Kennedy

In a move that cements Journal Square’s emergence as one of New Jersey’s most dynamic urban centers, JLL’s Capital Markets group has secured $255 million in refinancing for Journal Squared III, the latest and final tower in the skyline-defining Journal Squared development in Jersey City.

The refinancing was arranged on behalf of a joint venture between Kushner Real Estate Group (KRE) and National Real Estate Advisors, LLC (NATIONAL), through a 12-year fixed-rate loan from Pacific Life. The transaction underscores institutional confidence in both the project and the fast-evolving Journal Square district.

Standing at 58 stories, Journal Squared III was completed in July 2024 and anchors the final phase of a transformative three-tower development. It adds 598 luxury units to the market—bringing the total across the complex to over 2.3 million square feet of mixed-use space and more than $900 million in investment.

Located at 595 Pavonia Avenue, Journal Squared III enjoys direct adjacency to the Journal Square PATH station, offering seamless access to Manhattan’s Penn Station, the World Trade Center, and Newark Penn Station—a major draw for professionals seeking high-end living with city convenience.

Its design prioritizes both lifestyle and flexibility. Residents can choose from studio to three-bedroom layouts, with average units spanning 719 square feet. Inside each home, elevated finishes include Bosch washer/dryers, GE stainless steel appliances, white quartz countertops, glossy cabinetry, and limestone oak plank flooring, delivering a clean, modern aesthetic with practical luxury.

But what truly sets Journal Squared apart is its 100,000 square feet of communal amenities across the three towers. Offerings include:

• Expansive fitness centers and a boxing ring

• A recording studio and private theater

• Swimming pools and panoramic sky lounges

• Outdoor BBQ areas, fire pits, and a 5,000-square-foot dog run

• Co-working spaces and resident lounges

For KRE Group, the completion of Journal Squared marks a major milestone in the neighborhood’s revitalization.

Designed not just as a residential complex but as a catalyst for urban renewal, the project aligns with both the Port Authority’s redevelopment of the Journal Square Transportation Center and the Journal Square 2060 Redevelopment Plan, which together aim to transform the district into a major hub for retail, office, hotel, and entertainment.

Through its sheer scale and impact, Journal Squared has helped reposition Journal Square as a transit-rich, design-forward destination—not merely a gateway to Manhattan, but a new urban center in its own right.

The collaboration between KRE and NATIONAL, combined with JLL’s capital advisory expertise, has allowed Journal Squared to set a new precedent for large-scale, design-conscious urban residential development outside of New York City.

With Journal Squared III now joining its predecessors on the skyline, Jersey City’s transformation is no longer aspirational—it’s material. The towers stand not just as residences but as symbols of a district on the rise, where infrastructure investment meets modern lifestyle needs in real time.

As interest in luxury multifamily real estate in transit-connected urban neighborhoods continues to grow, Journal Squared offers a compelling case study in how private capital and thoughtful design can shape the future of city living.