Walker & Dunlop Secures $375 Million Construction Loan for Landmark Jersey City Project

On June 22, 2026, Walker & Dunlop, Inc. announced a significant financial milestone: the arrangement of a $375 million construction loan aimed at financing the JFK Boulevard development project spearheaded by Nasser Freres in Jersey City, New Jersey. The funding, provided by Madison Realty Capital, is set to bolster the construction of this ambitious mixed-use project located in the rapidly evolving Journal Square district, recognized as one of the New York metropolitan area's most dynamic transit-oriented neighborhoods.

The financing transaction was structured by Walker & Dunlop's Capital Markets Institutional Advisory team, serving as exclusive advisors to Nasser Freres LLC. Notable contributors to the transaction include senior managing director Keith Kurland, along with Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Jack Krentzman. The loan itself is a floating-rate, interest-only construction loan, reflecting current lending strategies in the commercial real estate sector.

Keith Kurland expressed pride in guiding Nasser Freres through the capitalization of JFK Boulevard, stating, "The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community." This sentiment was echoed by Michael Sokoloff, partner at Nasser Freres, who emphasized the project's commitment to enhancing the Journal Square area by integrating housing, retail, and a superior amenity experience.

Upon completion, JFK Boulevard is set to offer an impressive 579,577 rentable square feet of residential space, comprising 840 units that include studios, one-, two-, and three-bedroom apartments. Notably, the development aims to support Jersey City's affordable housing objectives, with 84 units—representing 10% of the total—designated as affordable housing.

In addition to residential offerings, the project will feature nearly 50,000 square feet of retail space anchored by a national organic grocery store, further diversifying the neighborhood’s retail landscape. Lifestyle and wellness amenities will also be a highlight, with the development slated to include a spa, fitness center, multi-sport court, co-working lounges, game and screening rooms, an outdoor pool with sun decks, a dog run, pet spa, and a rooftop lounge.

Situated at 2859–2873 JFK Boulevard, the development is strategically positioned adjacent to the historic Loew's Jersey Theatre and is within a five-minute walk to the Journal Square PATH station. This prime location provides residents with direct transit access to Lower Manhattan in approximately 10 minutes and Midtown Manhattan in roughly 20 minutes, underscoring the area's appeal as a top urban living destination.

Josh Zegen, managing principal and co-founder of Madison Realty Capital, highlighted the ongoing demand for high-quality rental housing in transit-rich urban markets. He remarked, "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." This project not only aims to meet the demand for housing but also enhances Journal Square's reputation as one of the region’s premier residential hubs.

In 2025, Walker & Dunlop's Capital Markets team demonstrated its prowess by sourcing over $22 billion from non-Agency capital providers, including nearly $16 billion specifically for multifamily properties. This achievement solidifies Walker & Dunlop's status as a leading advisor across various asset classes, catering to many of the industry’s top developers, owners, and operators.

As Walker & Dunlop continues to forge impactful partnerships in the commercial real estate sector, the JFK Boulevard project stands as a testament to the firm’s commitment to innovative financing solutions that foster community growth and urban development.