Walker & Dunlop arranges $375 million construction loan for Nasser Freres’ Jersey City development

Jersey City, MD Walker & Dunlop, Inc. arranged a $375 million construction loan to finance JFK Blvd., Nasser Freres’ mixed-use development in Journal Square. The financing, provided by Madison Realty Capital, will support construction of the project in Journal Square, a significant addition to one of the New York metropolitan area’s fastest-growing transit-oriented districts.

Walker & Dunlop capital markets institutional advisory arranged the transaction as exclusive advisor to Nasser Freres LLC. Senior managing director of capital markets and co-head 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, which was provided by Madison Realty Capital.

“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. We are pleased to have structured a financing solution that will help bring this transformative project to life and appreciate the partnership of both Nasser Freres and Madison Realty Capital throughout the process.”

Upon completion, the project will deliver 579,577 rentable s/f of residential space across 840 residences, including studios, one-, two-, and three-bedroom units. In support of Jersey City’s affordable housing goals, 84 residences, representing 10% of the total units, will be designated as affordable housing.

The development will also feature nearly 50,000 s/fof retail space anchored by a national organic grocer, further enhancing the neighborhood’s growing mix of shopping, dining, and everyday conveniences. An additional 36,522 s/f will be dedicated to lifestyle and wellness amenities, including a spa, fitness center, multi-sport court, co-working and library lounges, game and screening rooms, outdoor pool with sun decks, dog run, pet spa, and a 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. “By bringing together housing, thoughtfully curated retail, and an exceptional amenity experience in a highly connected location, we are creating a destination that will contribute to the neighborhood’s continued evolution. We are grateful to Walker & Dunlop and Madison Realty Capital for their partnership in helping bring this vision to life.”

Located at 2859–2873 JFK Blvd., the property sits adjacent to the historic Loew’s Jersey Theatre and a five-minute walk to the Journal Square PATH station. The development offers residents direct access to Lower Manhattan in 10 minutes and Midtown Manhattan in 20 minutes, underscoring Journal Square’s emergence as one of the New York metropolitan area’s premier transit-oriented residential destinations. Completion is scheduled for early 2029.

“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,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “With its exceptional location, differentiated mixed-use program, and highly experienced sponsorship team, JFK Boulevard is one of the most compelling developments underway in the New York metro area. We are pleased to support Nasser Freres in bringing this landmark tower to life and further strengthening Journal Square’s emergence as one of the region’s premier residential destinations.”

In 2025, Walker & Dunlop’s Capital Markets team sourced over $22 billion from non-agency capital providers, including nearly $16 billion for multifamily properties.