Madison Realty funds $375m loan for Jersey City mixed-use tower construction
PERE Credit reported that Madison Realty Capital originated a $375 million construction loan for Nasser Freres' 840-unit mixed-use development at 2859–2873 John F. Kennedy Boulevard in Jersey City's Journal Square submarket, with completion slated for early 2029. The project includes 84 affordable housing units, nearly 50,000 square feet of grocery-anchored retail, and over 36,500 square feet of amenity space, situated within a five-minute walk of the Journal Square PATH station. The financing is part of a two-week, $1.03 billion origination streak for MRC spanning geographies and asset classes, including the $480 million conversion loan at 1740 Broadway, a $75 million construction loan at 757 Flatbush Avenue in Brooklyn, and a $115 million hotel refinancing in Santa Cruz, California. As of mid-June, PERE Credit's Lending Barometer has tracked approximately $2.17 billion in year-to-date origination volume involving Madison Realty as sole or joint originator.
