Extell tops out at its Pier Village condo complex in Long Branch

While the Kushner Companies opened its boutique Wave Resort hotel in Long Branch this past weekend, another New York City-based developer, Gary Barnett’s Extell Development, announced last week the topping off of its Lofts Pier Village condominium project, NJBIZ reported. The Real Deal reported in 2017 on construction of the 245-unit development at 82 Ocean Avenue, which is part of the Pier Village redevelopment by both Extell and Kushner. The estimated $238 million development, formed out of the old Pier Village resort in Long Branch, is now in its third phase. Lofts Pier Village was designed by ShorePoint Architecture and Child Dreyfus Group and consists of one-to-four bedroom condos starting at $569,000. According to Long Branch officials, financing for the project consisted of $178.1 million in bank financing and mezzanine debt, $85 million in developer equity and $20 million in city redevelopment area bonds. Long Branch also granted a 30-year payment in lieu of taxes to Lofts Pier Village that will be extended to buyers. Extell said last summer that it had clinched a $2.75 million sale of a 1,500-square-foot, three-bedroom unit in the complex. Kushner and Extell’s work at Pier Village began in 2014 when Kushner and Extell paid $200 million to buy the former Pier Village, which consisted of 492 rentals and 90,000 square feet of retail space, and two adjacent sites. Kushner began work this month on the next phase of Pier Village, the 102-room Onada Surf Club hotel, shortly after the developer secured approvals to move forward on that development from Long Branch officials. [NJBIZ]