Kushner, Trump teaming up on Jersey City development

447-unit rental to break ground in a few days

New York /
May.May 12, 2014 09:00 AM

Donald Trump’s Trump Organization and his son-in-law’s Kushner Companies are teaming up for their first big project, in conjunction with KABR Group of New Jersey.

The trio is planning a 447-unit rental apartment building in Jersey City, sources involved in the project told the Wall Street Journal. The Kushner-KABR partnership plans to put $38.5 million of its own equity into the deal, and the rest will be paid with a $90 million construction loan and $65M in mezzanine financing tied to a federal government visa program, the Journal reported. The details of the Trump Organization’s involvement were not immediately clear.

The project could break ground in a few days, according to the paper.

“Jared is a very talented young man — it is going to be a great project,” Trump said in a statement to the Journal.

The development will be called Trump Bay Street and be located next to Trump Plaza Residences at 88 Morgan Street, a 55-story condominium completed six years ago by Dean Geibel, who engineered the project in a licensing deal with Trump. [WSJ]Julie Strickland


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month
Ivanka Trump and Jared Kushner with the Trump National Golf Club in Bedminster (Getty; Trump Org)

Ivanka Trump and Jared Kushner prepare NJ home for arrival

Ivanka Trump and Jared Kushner prepare NJ home for arrival
From left: President Donald Trump, Blackstone's Jonathan Gray and Tishman Speyer's Rob Speyer (Getty)

Real estate execs, business leaders urge Trump to begin transition

Real estate execs, business leaders urge Trump to begin transition
Eric and Donald Trump Jr. with 1100 Pennsylvania Avenue (Photos via Getty; Trump Hotels)

Trump Org puts DC hotel sale on “indefinite hold”

Trump Org puts DC hotel sale on “indefinite hold”
Blackstone's Stephen Schwarzman and President Donald Trump (Getty)

Blackstone’s Schwarzman defends Trump on exec call

Blackstone’s Schwarzman defends Trump on exec call
(Credit: iStock)

Feds put Neoclassical architecture policy into practice

Feds put Neoclassical architecture policy into practice
Trump Tower and (inset) Henry Laufer (Google Maps, Archetron)

Democratic megadonor unloaded Trump Tower condo day before election

Democratic megadonor unloaded Trump Tower condo day before election
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...