Kushner, Trump teaming up on Jersey City development

447-unit rental to break ground in a few days

TRD 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

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Trump’s tax returns, Amazon gets into proptech: Daily digest

These real estate billionaires made Forbes’ list of richest Americans

Donald Trump at Trump National Doral (Credit: Getty Images)

Former members of Trump Doral may have to wait decades to get their deposits back

What you should know about Greenland and its real estate

From left: Prabal Gurung, Dana Lorenz and Stephen Ross (Credit: Getty Images)

Stephen Ross backlash hits Hudson Yards

Tom Barrack’s Middle Eastern connections run deep. Here’s how they’ve boosted his real-estate business

arrow_forward_ios