A Landmark Deal in EB-5 Real Estate Receives $515M Commitment from Blackstone

At a time when the broader immigration landscape may experience greater scrutiny and volatility, USIF’s 1 Journal Square (The Journal) project stands as a reminder that opportunities still exist for well-prepared investors. For EB-5 applicants, the successful closing of institutional financing alongside EB-5 contributions is a key indicator of project quality and risk mitigation.

Blackstone Real Estate Debt Strategies recently provided a three-year, $515 million loan to Kushner Companies, the project’s developer, to refinance the first phase of The Journal. The loan, which includes two one-year extension options, will be used to complete construction and lease-up.

Nestled in the heart of Jersey City’s dynamic Journal Square, the nearly $1 billion project will have a total of 1,723 meticulously designed luxury apartments. These residences offer breathtaking views of the Manhattan skyline and the Hudson River. Anchoring the development is 40,000 square feet of prime retail space, fully leased to esteemed brands such as Target, CVS, and Starbucks. The property is nearly a one-acre public plaza along John F. Kennedy Blvd. with green spaces and seating areas, and adjacent to the transit hub at the Journal Square PATH station where riders can take a 20-minute PATH train into Manhattan. The Journal is also near NJ Transit bus lines and major highways.

“USIF played a critical role in raising EB-5 funds to support the project’s capital stack, demonstrating the continued viability of the EB-5 program when paired with credible developers and top-tier financial institutions,” said Nicholas Mastroianni III, President of U.S. Immigration Fund. “This partnership illustrates how private equity, immigration-based investment, and real estate development can align to mutual benefit—even in a complex regulatory environment.”

This deal is more than just a funding milestone. It’s a statement about the future: that smart capital still flows to strategic locations, that the EB-5 program remains an important tool for growth, and that partnerships like Blackstone, Kushner Companies, and USIF continue to shape the future of urban America.