Kushner Companies announced that it has secured a $25 million loan from Santander Bank to refinance One Journal Square.
Kushner Cos. is developing the property in Jersey City as part of a joint venture with KABR Group and WeWork. The deal closed on Friday
“Santander ensured a smooth closing process and we look forward to further expanding our relationship,” said Laurent Morali, Managing Director and head of Acquisitions and Capital Markets at Kushner Companies.
“Jersey City is a strategic market for Kushner Companies and we’re excited to continue developing our presence in this location.”
One Journal square will be a mixed-use development with commercial, retail and residential components. Kushner Cos. will be pursuing a construction loan later in 2016.
The 1 Journal Square refinancing comes on the heels of Kushner’s $14 million closing of the Warren at Bay project on January 29 with partner KABR. The mixed-use project will be located at 124 Warren Street in Jersey City.
Source: Real Estate Weekly