Kushner Scores $295M Construction Loan for 1 Journal Square
Kushner Companies just landed a massive $295 million construction loan to fund the second phase of its 1 Journal Square project in Jersey City, N.J., sources close to the deal told Commercial Observer.
The latest cash infusion consisted of a $210 million senior loan from Apollo and an $85 million mezzanine loan from RXR.
RXR and Apollo declined to comment. Meridian‘s Ronnie Levine and AJ Bruno were the debt brokers.
The two-phase, 1,723-unit mixed-use development promises to be the largest multifamily rental project in New Jersey when completed.
Almost exactly two years ago, Kushner closed on the first phase of the financing for the $1 billion project.
In addition to the 2 million square feet of space, the pair of 52-story glass towers that comprise 1 Journal Square will also include 883 parking spaces and a 40,000-square-foot retail space that will be home to a Target. (Disclosure: Kushner principal Nicole Kushner Meyer is married to Observer Media chairman Joseph Meyer.)
“We are grateful to our lenders for their continued trust and confidence in our company, and in this project in particular,” said Kushner CEO Laurent Morali in a statement to CO. “We are more than ever committed to Jersey City and the greater state of New Jersey as a whole.”
Max Gross can be reached at mgross@commercialobserver.com.
