The Real Deal New York

Kushner, LIVWRK score $376M in Watchtower financing from Blackstone, SL Green

Loan is one of the largest recorded in Brooklyn this year

August 11, 2016 04:56PM
By Katherine Clarke and Will Parker

Jared Kushner, Asher Abehsera of LIVWRK and the Watchtower

Jared Kushner, Asher Abehsera of LIVWRK and the Watchtower

Jared Kushner’s massive bet on Dumbo’s Watchtower building is being backed by the Blackstone Group and SL Green Realty.

Affiliates of the two investment giants plowed a total $376 million into the project, via acquisition, building and project loans. Blackstone took the senior piece of the loan, while SL Green led the loan and retained a B-note component, according to Commercial Mortgage Alert. The deal was revealed in public records Thursday, though SL Green was not named in the documents. 

A representative for Kushner did not immediately respond. Blackstone declined to comment.

The loan is one of the largest recorded in Brooklyn so far this year.

A partnership led by Kushner Companies TRData LogoTINY, CIM Group and LIVWRK finalized its deal for the well-known landmark last week, paying $340 million to buy it from the Jehovah’s Witnesses. Aby Rosen’s RFR Holding was initially slated to be a partner on the deal backed out before the closing, sources said.

Kushner and LIVWRK previously partnered with RFR on Dumbo Heights, a five-building Dumbo office complex they bought from the Witnesses for $375 million in 2013. Investment firm Invesco provided much of the financing for that deal.

MENU