The Real Deal New York

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

Criterion Real Estate Capital provides financing for 85 Jay Street acquisition
By Konrad Putzier | December 29, 2016 12:32PM

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.

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.