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KRE, National secure $210M in financing for Journal Squared tower

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Real estate investment and management company KRE Group and National Real Estate Advisors LLC said they have closed on $210 million in permanent financing for the first completed tower at Journal Squared, the mixed-use development complex in Jersey City’s historic Journal Square neighborhood.

The permanent loan came from American International Group (AIG) and is the second the lender has provided KRE and National for a Jersey City property. Meridian Capital Group served as the broker.

“We’re extremely pleased with Journal Squared’s progress to date,” said KRE Group President Jonathan Kushner in a statement. “The first tower was fully leased within 10 months of launching. The entire development is bringing much needed housing to the Journal Square neighborhood and we are excited to be part of the area’s continued redevelopment.”

Designed by Hollwich Kushner and Handel Architects, Journal Squared will include three buildings and bring a total of 1,840 rental residences to the area. Clad in aluminum panels, the first completed tower rises to 563 feet, making it the neighborhood’s tallest building to date and the third tallest building in Jersey City. The 53-story building’s 538 apartments range in size from studios to three bedrooms.

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