Walker & Dunlop Arranges $375 Million Construction Loan for Nasser Freres' JFK Boulevard Development in Jersey City

Walker & Dunlop has arranged a $375 million floating-rate, interest-only construction loan for Nasser Freres LLC's JFK Boulevard development, a large-scale mixed-use project in Jersey City's Journal Square neighborhood, the firm announced June 23, 2026. Madison Realty Capital provided the financing for the development at 2859–2873 JFK Boulevard, which is slated to deliver 840 residential units and nearly 50,000 square feet of retail space upon completion in early 2029.

Walker & Dunlop Capital Markets' Institutional Advisory team served as exclusive advisor to Nasser Freres LLC on the transaction. The team arranging the loan included Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Jack Krentzman.

Project Details and Development Program

Upon completion, JFK Boulevard will deliver 579,577 rentable square feet of residential space across 840 units, including studios and one-, two-, and three-bedroom configurations. Of the total units, 84 — representing 10% of the project — will be designated as affordable housing, in alignment with Jersey City's affordability goals for large-scale residential development.

The development will also include approximately 50,000 square feet of retail space anchored by a national organic grocer, as well as 36,522 square feet dedicated to lifestyle and wellness amenities. Those amenities include a spa, fitness center, multi-sport court, co-working and library lounges, game and screening rooms, an outdoor pool with sun decks, a dog run, a pet spa, and a rooftop lounge.

The site sits adjacent to the historic Loew's Jersey Theatre and within a five-minute walk of the Journal Square PATH station, providing residents with direct transit access to Lower Manhattan in approximately 10 minutes and Midtown Manhattan in approximately 20 minutes.

Sponsor and Advisor Commentary

Michael Sokoloff, partner at Nasser Freres, described the project as a reflection of the firm's long-term commitment to the Journal Square submarket.

"JFK Boulevard reflects our long-term commitment to Journal Square and our belief in Jersey City's continued growth as one of the country's most dynamic urban markets," Sokoloff said. "By bringing together housing, thoughtfully curated retail, and an exceptional amenity experience in a highly connected location, we are creating a destination that will contribute to the neighborhood's continued evolution. We are grateful to Walker & Dunlop and Madison Realty Capital for their partnership in helping bring this vision to life."

Keith Kurland, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop, said the project's transit-oriented location and development program attracted significant lender interest.

"The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community," Kurland said. "We are pleased to have structured a financing solution that will help bring this transformative project to life and appreciate the partnership of both Nasser Freres and Madison Realty Capital throughout the process."

Josh Zegen, managing principal and co-founder of Madison Realty Capital, cited demand dynamics in transit-connected urban markets as a factor in the firm's interest in the deal.

"Demand for high-quality rental housing in transit-connected urban markets continues to outpace supply, and we remain focused on financing developments positioned to capture that imbalance," Zegen said. "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. We are pleased to support Nasser Freres in bringing this landmark tower to life and further strengthening Journal Square's emergence as one of the region's premier residential destinations."

Walker & Dunlop and Madison Realty Capital Backgrounds

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States. In 2025, the firm's Capital Markets team sourced more than $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties.

Madison Realty Capital is a real estate private credit manager focused on U.S.-based commercial real estate lending strategies. As of December 31, 2025, the firm manages $24 billion in assets on behalf of a global institutional investor base and has completed $82 billion in real estate transactions since its founding in 2004.