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Kushner Companies Secures $100M Construction Loan For Long Branch Development Site

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FINANCED
$100,000,000

New Jersey

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Development Site
Financed 05/13/2024
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Property Image
FINANCED

Kushner Companies Secures $100M Construction Loan For Long Branch Development Site

144 Broadway

See Similar Deals
Development Site
Financed 05/13/2024
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Development Site
Transaction Type:Loan

The development site located at 144 Broadway Place in Long Branch, New Jersey, has secured $100 million in construction financing. The project comprises 299 residential units, 21,318 square feet of retail space, including a SuperFresh grocery store, and 558 parking spaces.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $100,000,000
  • Lender: Evan Bell - Unity Capital; Josh Zegen - Madison Realty Capital
  • Landlord: Nicole Kushner & Laurent Morali - Kushner Companies
  • Loan Type: Construction Loan

Nicole Kushner, Laurent Morali, Evan Bell, and Josh Zegen are the key individuals and companies involved in the transaction. Madison Realty Capital provided an $85 million construction loan, while Unity Capital contributed $15 million in mezzanine financing. The project, designed by Minno + Wasko, aims to revitalize Long Branch's downtown area.

Players

Unity Capital
Unity Capital
LENDER
Madison Realty Capital
Madison Realty Capital
LENDER

Details

FINANCED
IMAGE: Nicole Kushner, Josh Zegen, Laurent Morali & Evan Bell DATE: 05/13/2024 ADDRESS: 144 Broadway Place MARKET: Long Branch ASSET TYPE: Development Site LENDER: Evan Bell - Unity Capital; Josh Zegen - Madison Realty Capital LANDLORD: Nicole Kushner & Laurent Morali - Kushner Companies LOAN AMOUNT: $100,000,000 LOAN TYPE: Construction Loan NOTE: Kushner Companies has secured $100 million in construction financing for its new mixed-use development in Long Branch, New Jersey, comprising 299 residential units, 21,318 square feet of retail space with a SuperFresh grocery store, and 558 parking spaces. Madison Realty Capital provided an $85 million construction loan, while Unity Capital contributed $15 million in mezzanine financing. The project, designed by Minno + Wasko, aims to revitalize Long Branch's downtown area and bridge connections between existing beachfront developments like Pier Village and the Lower Broadway corridor.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$100,000,000.00

Monthly NOI$666,666.67
Monthly Debt Service$632,068.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00