CIT Agents Kushner, KABR Facility
CIT Group announced that CIT Real Estate Finance served as lead arranger and administrative agent in a $140 million senior secured loan to Kushner Companies and the KABR Group, a real estate investment and management company. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
Proceeds from the facility will be used to finance the development of a 50-story rental apartment building, as well as the acquisition of a parking garage and 7,200 square feet of retail space.
“We’re pleased to complete our fourth transaction with Kushner Companies to create a great mixed-use property that will benefit from its proximity to New York City and surrounding communities,” said Matt Galligan, president of CIT Real Estate Finance. “Our ability to put our commercial real estate expertise to work for Kushner and the KABR Group will enable them to develop the tallest rental apartment building in Jersey City offering unobstructed views of Manhattan, the Statue of Liberty and the George Washington Bridge.”
Jared Kushner, president and CEO of the Kushner Companies, said, “Jersey City is a growing, vibrant area that offers residents a high quality of life and easy access to New York City. Matt and CIT have been tremendous partners over the years and they were the perfect team to help us and KABR on this transaction, which will lead to a new state-of-the-art tower and retail space in Jersey City.”