BETHESDA, Md.--(BUSINESS WIRE)--Jun 22, 2026--
Walker & Dunlop, Inc. announced today that it has arranged a $375 million construction loan to finance JFK Boulevard, Nasser Freres’ transformative mixed-use development in the heart of Journal Square in Jersey City, New Jersey. The financing, provided by Madison Realty Capital, will support construction of the project in Journal Square, a significant addition to one of the New York metropolitan area’s fastest-growing transit-oriented districts.
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Walker & Dunlop Capital Markets Institutional Advisory arranged the transaction as an exclusive advisor to Nasser Freres LLC. Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet, and Jack Krentzman arranged the floating-rate, interest-only construction loan, which was provided by Madison Realty Capital.
"The Walker & Dunlop team was proud to advise Nasser Freres on the capitalization of JFK Boulevard,” said Keith Kurland, senior managing director of Capital Markets and co-head of Institutional Advisory at Walker & Dunlop. "The combination of a premier transit-oriented location, a compelling development program, and an experienced sponsor generated significant interest from the lending community. 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."
Upon completion, the project will deliver 579,577 rentable square feet of residential space across 840 residences, including studios, one-, two-, and three-bedroom units. In support of Jersey City's affordable housing goals, 84 residences, representing 10% of the total units, will be designated as affordable housing.
The development will also feature nearly 50,000 square feet of retail space anchored by a national organic grocer, further enhancing the neighborhood’s growing mix of shopping, dining, and everyday conveniences. An additional 36,522 square feet will be dedicated to lifestyle and wellness amenities, including a spa, fitness center, multi-sport court, co-working and library lounges, game and screening rooms, outdoor pool with sun decks, dog run, pet spa, and a rooftop lounge.
“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,” said Michael Sokoloff, partner at Nasser Freres. “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."
Located at 2859–2873 JFK Boulevard, the property sits adjacent to the historic Loew's Jersey Theatre and less than a five-minute walk to the Journal Square PATH station. The development offers residents direct access to Lower Manhattan in approximately 10 minutes and Midtown Manhattan in approximately 20 minutes, underscoring Journal Square’s emergence as one of the New York metropolitan area’s premier transit-oriented residential destinations. Completion is scheduled for early 2029.
“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,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “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.”
In 2025, Walker & Dunlop’s Capital Markets team sourced over $22 billion from non-Agency capital providers, including nearly $16 billion for multifamily properties. This vast experience has made them a top advisor on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.
About Madison Realty Capital
Madison Realty Capital is a real estate private credit manager focused on US-based commercial real estate lending strategies. As of December 31, 2025, the firm and its controlled affiliates (collectively, "Madison") manage $24 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed $82 billion of real estate transactions. Madison seeks to deliver value at every phase of the property lifecycle by providing tailored financing solutions to borrowers across the capital stack.
JFK Boulevard. Photo Credit: Handel Architects
BOGOTA, Colombia (AP) — Eccentric, ostentatious and artistic, Abelardo de la Espriella is also a political neophyte who is poised to become Colombia’s next president after leaning into everything that makes him different from the conventional politician to win people’s support.
The businessman and lawyer, whose ventures include a clothing line, wine and rum brands, and a restaurant, earned U.S. President Donald Trump’s endorsement despite never having run for office and on Monday led the presidential runoff race by 1 percentage point, or nearly 251,000 votes, with all but a fraction of the votes counted.
De la Espriella’s victory, which electoral authorities are expected to declare this week, will add Colombia to a growing list of countries that have turned to political outsiders in search for solutions to complex social, security and economic challenges.
The self-proclaimed representative of “the never-before-seen” promised voters fearful of renewed internal conflict to combat violent crime with an iron fist, pledging a strategy that includes ending outgoing President Gustavo Petro’s attempts to establish dialogue with multiple armed groups — an effort that has largely failed — and building mega-prisons, emulating those of Salvadoran President Nayib Bukele.
Progressive candidate Iván Cepeda, Petro’s protégé, is challenging the results.
“I don’t like either of them, but I’m terrified of continuity,” retiree María del Rosario Villaveces, 66, said after voting Sunday in the capital, Bogota.
Villaveces, 66, added she is concerned that de la Espriella “has no idea about politics,” but she said that his running mate, former finance minister José Manuel Restrepo, gives her “a little peace of mind” because “he does know (politics) and is well organized.”
More than 26 million people voted in the runoff. Of those, over 426,000 people chose a third, no-name option on the ballot that allows voters to express dislike of both candidates. About 29,000 people cast blank ballots.
Will Freeman, a fellow for Latin American Studies at the Council on Foreign Relations, said most voters do not perceive lack of political experience as a risk even though plenty of outsiders have failed to get much done.
“They wanted a candidate who would decisively break with Petro and the left,” he said. “Part of the country was voting as much against Petro and the left as for de la Espriella, associating the left with erosion of security, economic stagnation, etc., whether or not that’s fair.”
De la Espriella, nicknamed “The Tiger,” told thousands of supporters that he will “govern for all Colombians.” But as he spoke behind a bulletproof glass Sunday night, he also echoed the frustration of many eager to see the end of Petro's presidency.
“Pack your bags and prepare to become the opposition,” he told Petro's camp. “Make no mistake, Mr. Cepeda. You already know how fiercely the tiger roars.”
Cepeda on Monday responded to the remarks, warning de la Espriella against threats, veiled or otherwise.
“Don’t come threatening us," Cepeda said in the capital, Bogota. "Neither your roars nor your screams frighten us.”
He also asked supporters to remain calm and maintain “exemplary behavior.” Hours earlier, people in the western city of Cali took to the streets, damaging a public bus, several surveillance cameras and an ATM.
Sunday’s winner will begin a four-year term Aug. 7.
The candidates pitched voters widely different strategies to prevent the South American country from the nonstop violence, such as car bombs, kidnappings, disappearances and forced displacements, that Colombians lived with in previous decades.
Yolanda Hernández, who recycles trash for a living, voted for Petro in 2022 but cast her ballot for de la Espriella this time. While she acknowledged that Petro was unable to deliver on promises meant to help the poor because of congressional gridlock, she said Colombia cannot afford another four years under his vision for the country.
“We want change in Colombia because it’s always the same violence, always the same thing,” Hernández, 49, said. “(Petro) said he was going to lower the cost of services, that he was going to lower the price of food, and everything is more expensive.”
Last year, authorities recorded 14,780 homicides, the most since at least 2015, driven by clashes among illegal armed groups. Among those killed was conservative presidential hopeful Miguel Uribe. Colombia’s illegal groups have more than 27,000 members.
De la Espriella, 47, pitched a heavy-handed approach to crime-fighting, including drug trafficking, with tactics that draw from Bukele's playbook. Those tactics have lowered homicide rates in the Central American country but have fueled accusations of human rights abuses.
De la Espriella managed to defeat more experienced conservative politicians in May's first-round vote, including Sen. Paloma Valencia, who represented the party of the influential former President Álvaro Uribe. For Yann Basset, a professor of Political Science at the University of Rosario, De la Espriella's feat marks a “ new stage for the Colombian right. ”
“There is perhaps a weariness among political figures that contributes to the success of this outsider populism against the political class,” Basset said.
In Latin America, several presidents have achieved electoral victories with little political experience.
In Argentina, Javier Milei, a television commentator, formed a party, rose to fame and served as a congressman shortly before becoming president. In Ecuador, Daniel Noboa, an heir to a fortune built on the banana trade, entered a snap election with only months of experience as a National Assembly member and won.
De la Espriella holds dual Colombian and U.S. citizenship. He’s a Trump supporter and a member of the Republican Party.
“Congratulations to “El Tigre” (THE TIGER!) Abelardo de la Espriella, the new President of Colombia!" Trump said Monday on Truth Social. “It was my Great Honor to endorse him, and I look forward to working together to build a powerful relationship between Colombia and the United States of America, which will bring new levels of Greatness for both of our Countries!”
Follow AP’s coverage of Latin America and the Caribbean at https://apnews.com/hub/latin-america
Sen. Ivan Cepeda, presidential candidate with the ruling Historic Pact Coalition, gives a press conference the day after the presidential election runoff in Bogota, Colombia, Monday, June 22, 2026. (AP Photo/Fernando Vergara)
Sen. Ivan Cepeda, presidential candidate with the ruling Historic Pact Coalition, gives a press conference the day after the presidential election runoff in Bogota, Colombia, Monday, June 22, 2026. (AP Photo/Fernando Vergara)
Sen. Ivan Cepeda, presidential candidate with the ruling Historic Pact Coalition, arrives to give a press conference the day after the presidential election runoff in Bogota, Colombia, Monday, June 22, 2026. (AP Photo/Fernando Vergara)
Presidential candidate Abelardo de la Espriella of the opposition Defenders of the Motherland movement addresses supporters at a rally after runoff election results showed him leading in Barranquilla, Colombia, Sunday, June 21, 2026. (AP Photo/Rodrigo Abd)
Presidential candidate Ivan Cepeda of the ruling Historic Pact coalition embraces his vice-presidential running mate, Aida Quilcue, during an election night appearance after election results showed him trailing in Bogota, Colombia, Sunday, June 21, 2026. (AP Photo/Fernando Vergara)
A voter marks his ballot in a classroom decorated with flags of countries participating in the World Cup serving as a polling station during the presidential runoff election in Santander de Quilichao, Colombia, Sunday, June 21, 2026. (AP Photo/Santiago Saldarriaga)
A supporter of presidential candidate Abelardo de la Espriella of the opposition Defenders of the Motherland movement light a flare at a celebration rally after polls closed in the runoff election in Barranquilla, Colombia, Sunday, June 21, 2026. (AP Photo/Rodrigo Abd)
Presidential candidate Abelardo de la Espriella of the opposition Defenders of the Motherland movement and his vice-presidential running mate, Jose Manuel Restrepo, ride in a bulletproof booth toward a celebration rally after election results showed him leading in Barranquilla, Colombia, Sunday, June 21, 2026. (AP Photo/Rodrigo Abd)
Presidential candidate Abelardo de la Espriella of the opposition Defenders of the Motherland movement arrives to vote with his family during the runoff election in Barranquilla, Colombia, Sunday, June 21, 2026. (AP Photo/Ivan Valencia)
