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Kushner, CIM and LIVWRK score $187M loan for Dumbo buy

Criterion Real Estate Capital provides financing for 85 Jay Street acquisition

From left: 85 Jay Street (credit: Google Maps), Criterion’s Chuck Rosenzweig (credit: Cornell) and Jared Kushner
From left: 85 Jay Street (credit: Google Maps), Criterion’s Chuck Rosenzweig (credit: Cornell) and Jared Kushner

Kushner Companies, CIM Group and LIVWRK secured a $187 million acquisition loan from Criterion Real Estate Capital to fund their $345 million acquisition of the Dumbo development site 85 Jay Street.

The partners closed on the purchase from the Jehovah’s Witnesses last week.  They plan to build a mixed-use building on the site, which spans 135,000 square feet and comes with 1.1 million square feet of development rights.

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The terms of the loan were not immediately clear. Kushner declined to comment and Criterion Real Estate Capital didn’t immediately respond to a request for comment.

Earlier this year, Kushner, CIM and LIVWRK bought a nearby office building at 25-30 Columbia Heights from the religious group for $340 million. Kushner and LIVWRK, along with RFR Realty, had also bought five Dumbo buildings from the group in 2013.

Criterion Real Estate Capital, a private real estate investor and lender, made waves in 2013 when it backed Steve Witkoff’s acquisition of The Helmsley Park Lane Hotel with a $525 million loan in partnership with Wells Fargo.

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CIM GroupJared KushnerKushner CompaniesLivwrk