Financing will support Nasser Freres’ landmark JFK Boulevard project, bringing 840 apartments, affordable housing, retail space, and extensive amenities to the rapidly growing Journal Square district.
BETHESDA, Md.— Real estate finance firm Walker & Dunlop has arranged a $375 million construction loan for JFK Boulevard, a major mixed-use development planned by Nasser Freres LLC in Jersey City’s fast-growing Journal Square neighborhood.
The financing, provided by Madison Realty Capital, will support construction of the transit-oriented project, which is expected to become one of the largest new residential developments in the district. The development is scheduled for completion in early 2029.
Walker & Dunlop’s Capital Markets Institutional Advisory team served as exclusive advisor to Nasser Freres on the transaction. The financing was structured as a floating-rate, interest-only construction loan.
“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.”
Located at 2859–2873 JFK Boulevard, the project will deliver nearly 580,000 rentable square feet of residential space across 840 apartments, including studio, one-, two-, and three-bedroom units.
In support of affordable housing initiatives, 84 apartments—10% of the total residential units—will be designated as affordable housing.
Beyond housing, the development will include nearly 50,000 square feet of retail space anchored by a national organic grocery store. Developers say the retail component is intended to complement Journal Square’s growing mix of restaurants, shops, and neighborhood services.
The project will also feature more than 36,500 square feet of resident amenities, including a spa, fitness center, multi-sport court, co-working spaces, library lounges, game and screening rooms, an outdoor pool with sun decks, a 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, a 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.”
The development occupies a highly visible location adjacent to the historic Loew’s Jersey Theatre and less than a five-minute walk from the Journal Square PATH Station. Residents will have direct transit access to Lower Manhattan in approximately 10 minutes and Midtown Manhattan in roughly 20 minutes.
The project underscores the continued growth of Journal Square as a major residential and commercial hub within the New York metropolitan region, driven by strong demand for housing near transit infrastructure.
“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.”
The financing marks another significant transaction for Walker & Dunlop’s Capital Markets platform. In 2025, the firm’s Capital Markets team sourced more than $22 billion from non-agency capital providers, including nearly $16 billion for multifamily properties, further strengthening its position as a leading advisor to developers, owners, and operators nationwide.
