Madison Realty Capital Leads $100M Financing for Kushner’s Jersey Shore Project
By Cathy Cunningham May 13, 2024 8:00 am
reprints
Summer is around the corner, and Kushner Companies’ new mixed-use development on the Jersey Shore is officially ready to rise.
The firm just sealed $100 million in construction financing for the multifamily and retail project, Commercial Observer has learned.
Madison Realty Capital provided an $85 million construction loan in the deal, while Unity Capital provided $15 million in mezzanine financing.
When completed in 2026, the property, at 144 Broadway Place in Long Branch, N.J., will feature 299 residential units across two four-story buildings, 21,318 square feet of retail space — partly occupied by a SuperFresh grocery store — and 558 parking spaces.
“Long Branch is a supply-constrained housing market with significant barriers to entry, and has experienced strong and growing demand for luxury residential and retail properties in recent years,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement.
Kushner Companies broke ground on the $130 million, Minno + Wasko-designed property last month, New York YIMBY reported, but the development is just the latest in a long line for the firm in Long Branch — also known as the “summer capital” of New Jersey.
Kushner is also the developer behind — and owner of — Pier Village, a beachfront mixed-use community that comprises luxury residences as well as retail, dining and entertainment options at 1 Chelsea Avenue. The new development will now bridge the gap between Pier Village and the Lower Broadway corridor, and also be linked to Kushner’s Wave Resort and Spa at 50 Chelsea Avenue on Long Branch’s beachfront.
It sits in a prime position, close to the city’s buzzing boardwalk and Ocean Boulevard, and will meet “Long Branch’s need for high-quality multifamily developments,” Zegen said.
Evan Bell, co-founder and principal of Unity Capital, said in a statement his firm was “proud to be a part of Kushner Companies’ ongoing development of Long Branch.” Bell added, “This mixed-use development is a much-needed addition to this accessible beach destination, and we are thrilled to have been part of the construction financing.”
In addition to its oceanside location, the new property will have amenities such as a theater, a yoga studio, an outdoor deck, a rooftop terrance and co-working space.
“This project aims to infuse new vitality into the city’s downtown, linking Lower Broadway to our Pier Village oceanfront community,” Laurent Morali, the CEO of Kushner Companies, said. “We are introducing premium residential, retail and neighborhood services, including a much-needed grocery store, to support the community year-round. We’re excited to be underway and appreciate the efforts of Madison Realty Capital and Unity Capital to make that happen.”
(Disclosure: Joseph Meyer, chairman of Commercial Observer owner Observer Media, is married to Nicole Kushner Meyer, president of Kushner Companies.)
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
