Walker & Dunlop Arranges $375 Million Construction Loan for Nasser Freres' Landmark Jersey City Development
JFK Boulevard will bring new housing, destination retail, and premier amenities to Journal Square
Walker & Dunlop, Inc. announced today that it has arranged a $375 million construction loan to finance JFK Boulevard, Nasser Freres’ transformative mixed-use development in the heart of Journal Square in Jersey City, New Jersey. 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.
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JFK Boulevard. Photo Credit: Handel Architects
Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction as an exclusive advisor to Nasser Freres LLC. 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 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. 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 square feet 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 square feet of 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 square feet 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 Boulevard, the property sits adjacent to the historic Loew's Jersey Theatre and less than a five-minute walk to the Journal Square PATH station. The development offers residents direct access to Lower Manhattan in approximately 10 minutes and Midtown Manhattan in approximately 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. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE:WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
About Madison Realty Capital
Madison Realty Capital is a real estate private credit manager focused on US-based commercial real estate lending strategies. As of December 31, 2025, the firm and its controlled affiliates (collectively, "Madison") manage $24 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed $82 billion of real estate transactions. Madison seeks to deliver value at every phase of the property lifecycle by providing tailored financing solutions to borrowers across the capital stack.
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Nina H. von Waldegg
Public Relations
Phone 301.564.3291
nhvwaldegg@walkerdunlop.com