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JLL secures $25 million in pre-development financing for One Journal Square
On behalf of Kushner Companies and KABR Group, JLL's Capital Markets experts today announced the firm has secured $24.5 million in pre-development financing for One Journal Square, a proposed residential, retail and office development located in Jersey City, New Jersey. Santander provided the loan.
Executive Vice President Keith Kurland and Managing Director Aaron Appel led the JLL team on the transaction.
"This project sits in the heart of significant, on-going revitalization in Jersey City's Journal Square," said Kurland. "Backed by the sponsors' broad expertise, the lending community was eager to play a role in the future of Journal Square."
One Journal Square will consist of 1,634 luxury multifamily units, 121,640 square feet of retail space and 117,840 square feet of office space. The proposed development is located near the Journal Square Transportation Center and in close proximity to Manhattan.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.