Newmark arranged a $515 million loan on behalf of Kushner Cos. for phase one of the company’s 966-unit luxury multifamily building in Jersey City‘s Journal Square.

The refinancing for The Journal comes as pre-leasing for the first, recently completed 63-story tower and podium kicked off earlier in 2025. Newmark Co-President, Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani and Director John Caraviello secured the financing from Blackstone.

At 1.4 million square feet, the building features 45,000 square feet of amenity space, a 983-space parking garage and nearly 40,000 square feet of ground-level retail leased by Target. The first phase of the formerly dubbed “One Journal Square” project is expected to open this summer.

Newmark characterized the complete The Journal project as Kushner’s largest. Altogether, the nearly $1 billion dual-tower development will create 2.1 million gross square feet of space, comprising 1,723 rental apartments. The location is adjacent to the Journal Square PATH station, offering direct access to New York City, Hoboken and downtown Jersey City.

Luxury living

The Marketing Directors serves as exclusive marketing and leasing agent for The Journal.

“We look forward to introducing prospective residents to the remarkable lifestyle, amenities, and connectivity this development offers. It’s a true testament to Jersey City’s growth, and we’re confident it will resonate with the community,” The Marketing Directors President Jacqueline Urgo commented in a fall news release.

Rental units include studios along with one-, two- and three-bedroom apartments. In addition to dedicated coworking spaces, a chef’s kitchen and children’s club, The Journal includes an Olympic-size indoor pool, bowling alley, full-size indoor basketball court, rock-climbing wall, outdoor pool and rooftop terrace, and more. A full-service lifestyle concierge is also available to residents.

Woods Bagot designed the project.

In addition to the residences, the project includes a nearly 1-acre public plaza with landscaping and seating areas that will open onto John F. Kennedy Boulevard.