Kennedy Wilson has successfully secured a $175 million senior construction loan for the development of Artwalk Towers, a 595-unit multifamily community located in Jersey City’s Journal Square. The project is being spearheaded by Kushner Real Estate Group, one of the most prominent developers in the area.
Artwalk Towers will stand tall at 49 stories and offer an array of amenities, including an Art Walk connector that provides direct access to Manhattan via the Journal Square PATH station. Construction is expected to be completed by late 2027.
“We are thrilled to have closed our first loan with Kushner Real Estate Group,” stated Thomas Whitesell, head of Kennedy Wilson’s Debt Investment Group. “Their track record speaks for itself as they consistently deliver top-notch projects that cater to the needs of local residents.” He also added that this successful closing marks a milestone for Kennedy Wilson’s debt group as it celebrates its one-year anniversary at the company and has already originated over $2.4 billion towards impactful multifamily and student housing developments across America.
This news was originally reported on Connect CRE.
