Newmark Secures $515 Million Refinancing for Phase I of The Journal in Jersey City, NJ

July 2, 2025 9:00 AM

Newmark announces it has arranged a $515 million loan on behalf of Kushner Companies for the refinancing of the first phase of The Journal, a newly built 966-unit luxury multifamily building located in Jersey City, NJ. Newmark’s Jordan Roeschlaub, Nick Scribani and John Caraviello secured the financing from Blackstone.

The Property totals 1.4 million square feet across a 63-story glass residential tower and podium, and contains 966 market rate apartments, 45,000 square feet of state-of-the-art amenity space, a 983-space parking garage, and 40,000 square feet of ground-level retail space which is fully leased to Target.

The Property was recently completed and is the first phase of the Sponsor’s larger development, The Journal, which totals 1,723 units and 2.1 million gross square feet across two residential towers. The Journal is located adjacent to the Journal Square PATH station, offering tenants direct access to Manhattan, Hoboken, and Downtown Jersey City.

About Kushner Companies
Kushner Companies is a diversified real estate organization responsible for the ownership, management, development, and redevelopment of properties throughout the country. Kushner currently owns and manages over 27,000 multifamily units in 14 states. Kushner is strategically focused on setting the pace for the way people live and work. The firm’s mission is to provide its tenants with environments that are productive, efficient, and state-of-the-art. With over 40 years of property management and ownership experience, Kushner has shown the ability to weather multiple cycles and be a trendsetter in the ever-evolving luxury residential market.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.