The basics:

• $375 million construction loan secured for JFK Boulevard project in Jersey City
• Development will include 840 apartments with 84 affordable units
• Nearly 50,000 square feet of retail space planned, including a reported Whole Foods
• Transit-oriented project sits steps from Journal Square PATH station

Arriving along its eponymous thoroughfare in Journal Square – with a planned Whole Foods Market in the mix – JFK Boulevard in Jersey City secured $375 million in construction financing.

Walker & Dunlop announced the funding June 23. The project will rise at 2859-2873 John F. Kennedy Blvd., adjacent to the historic Loew’s Jersey Theatre.

JFK Boulevard will deliver 840 residences. The mix of studio, one-, two- and three-bedroom units will sit within a 5-minute walk of the Journal Square PATH station. The development will also introduce nearly 50,000 square feet of retail space, with completion set for early 2029. The 579,577 square feet of rentable apartment space will feature 84 affordable housing units.

Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction as exclusive advisor to Nasser Freres LLC. The firm arranged the floating-rate, interest-only construction loan provided by Madison Realty Capital.

Nasser Freres Partner Michael Sokoloff said, “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.”

He went on to describe the project as a destination that will contribute to the neighborhood’s continuing evolution.

Next door, the Loew’s Jersey Theatre is preparing to raise the curtain this fall on a yearslong restoration project to rescue the historic venue. The project is positioned as a catalyst in the ongoing revitalization of Journal Square. The community anchor plans to host about 150 events annually.

The city cleared JFK Boulevard in April, along with plans for a ground-floor grocery store. According to reports, Whole Foods Market will occupy that space.

Transit-oriented traction

Jersey City’s profile has risen along with its skyline. The active and artful city draws renters looking for lower rates than across the Hudson River without giving up that access. The transit-oriented JFK Boulevard is about a 10-minute trip from Lower Manhattan and 20 minutes from Midtown.

“The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community,” said Kurland, who is Walker & Dunlop’s senior managing director of capital markets and co-head of institutional advisory.

According to Walker & Dunlop, its Capital Markets team sourced over $22 billion from non-agency capital providers in 2025, including nearly $16 billion for multifamily properties.

Madison Realty Capital Managing Principal Josh Zegen cited demand for rental housing in transit-oriented urban areas continues to outpace supply.

“And we remain focused on financing developments positioned to capture that imbalance,” Zegen said. He went on to describe the project as “one of the most compelling” under way in the New York metro.

Elsewhere in Jersey City, Nasser Freres launched leasing at The Greyson this spring in Journal Square. The 29-story building located at 25 Cottage St. offers a mix of 622 apartments along with hospitality-inspired amenities. At JFK Boulevard, the wellness & amenity space will occupy 36,522 square feet. Features will include a spa, multisport court, coworking and library lounges, outdoor pool, pet spa and a rooftop lounge.