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Kushner Secures $100M for NJ Multifamily Development

An affiliate of Kushner Cos. has secured $100 million in financing for the development of a 299-unit mixed-use multifamily and retail project located at 144 Broadway Place in Long Branch, NJ.

Madison Realty Capital and Unity Capital have provided an $85 million construction loan and a $15 million mezzanine loan, respectively, to the affiliate.

Construction of the property is expected to be completed in the second quarter of 2026.

Located on the northern Jersey Shore, the property is situated within walking distance of the Long Branch Boardwalk, Ocean Boulevard and multiple luxury beach clubs, shops, and restaurants.

Upon completion, the development will comprise two four-story buildings and a mix of studio and one- to three-bedroom units and townhomes. It will contain 279,822 rentable residential square feet, 21,318 square feet of retail space including a standalone 19,003 square foot retail building, and a 558-car parking lot.
Reprinted with permission from the Mon, 13 May 2024 02:43:33 EDT online edition of GlobeSt © 2024 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.