Kushner, Trump teaming up on Jersey City development
447-unit rental to break ground in a few days
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