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

Loan is one of the largest recorded in Brooklyn this year

Aug.August 11, 2016 04:56 PM

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.

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