Kushner Receives $100M Loan from Madison Realty Capital & Unity Capital for Jersey Shore Development

With $100 million in construction financing finalized, Madison Realty Capital and Unity Capital have facilitated the project's financial backbone. The former provided $85 million in construction loan, while the latter contributed $15 million in mezzanine financing.

Project Details

Located at 144 Broadway Place in Long Branch, New Jersey, the development will encompass two four-story buildings housing 299 residential units, 21,318 square feet of retail space - including a SuperFresh grocery store - and 558 parking spaces.

Significance of Long Branch

Josh Zegen, managing principal of Madison Realty Capital, highlights Long Branch's restricted housing market and escalating demand for luxury properties.

Kushner Companies' Expansion

This venture marks Kushner Companies' latest endeavor in Long Branch, renowned as the "summer capital" of New Jersey. Notably, it will complement the existing Pier Village, bridging the gap between it and the Lower Broadway corridor.

Strategic Location

Situated proximally to Long Branch's vibrant boardwalk and Ocean Boulevard, the development caters to the city's necessity for upscale multifamily dwellings.

Developer and Financier's Perspectives

Evan Bell, co-founder of Unity Capital, expresses pride in contributing to Long Branch's development. Laurent Morali, CEO of Kushner Companies, emphasizes the project's aim to revitalize downtown Long Branch and enhance community services.

Amenities

In addition to its oceanfront locale, the property will boast various amenities, including a theater, yoga studio, outdoor deck, rooftop terrace, and co-working space.

Kushner Companies' project signifies a pivotal transformation for Long Branch, promising premium residential, retail, and community services, thereby revitalizing the area.