Jared Kushner will lend $1B to developers over the next five years

Posted On Wed, November 30, 2016 By

Posted On Wed, November 30, 2016 By In New Developments

When Charles Kushner founded real estate development firm Kushner Companies in 1985, he may have had visions of his son Jared taking over the company (which he did in 2007), but he never could have predicted the role his kin would have in one of the country’s most contentious presidential elections. Because of his political involvement, many have speculated what will come of the company, but Jared shows no signs of slowing down. In fact, the Post reports today that the firm plans to lend $1 billion over the next five years–or $200 million annually–to other developers’ projects through Kushner Companies’ new lending arm, Kushner Credit Opportunity Fund, which was launched earlier this year.

Currently, Kushner Companies’ portfolio consists of 20,000 multi-family, residential buildings, as well as 12 million square feet of office, industrial, and retail space. Their first foray into the financing business came in May when they bought the mezzanine debt on 9 DeKalb Avenue, JDS and Chetrit Group’s mixed-use tower in Downtown Brooklyn that will become the borough’s tallest building. According to sources, the $115 million mortgage was shared by Kushner and Fortress Investment Group. And just this past Monday, it was announced that Kushner loaned $33 million to Toby Moskovits’ Heritage Equity Partners’ new Bushwick project at 215 Moore Street that will bring 75,000 square feet of industrial, retail, and office space to the neighborhood.

Laurent Morali, who was hired in June as the new president of Kushner Companies, said of the investment plan, “We like the opportunity to deploy our capital in a different place in the capital stack. As a lender, we will look at the sponsor and the borrower and if it’s the type of project we could have done as an owner in a great area, it gives us more optionality.” Kushner Credit Opportunity Fund plans to lend not only in the greater New York area, but in Miami, Washington D.C., Boston, San Francisco, and LA.

[Via NYP]

RELATED:

 

Tags : , , ,

MOST RECENT ARTICLES

  • Driving Barron Trump to school won’t leave NYC in total traffic chaos

    Driving Barron Trump to school won’t leave NYC in total traffic chaos

    It appears the Secret Service and NYPD are indeed taking measures to minimize the disruption caused by Melania and Barron staying ...
  • Map: Here’s where you can afford to live in NYC in 2018

    Map: Here’s where you can afford to live in NYC in 2018

    For New York home buyers, a lot can change in a year. A neighborhood that was considered affordable can all ...
  • A photographer’s classic Soho loft complete with furniture and art asks $10K/month

    A photographer’s classic Soho loft complete with furniture and art asks $10K/month

    The most interesting thing about Soho lofts is often the people who inhabit them; all begin as hangar-sized white spaces with ...
  • Get a free Shake Shack burger via their new app

    Get a free Shake Shack burger via their new app

    Even when all hope seems lost—there’s nothing like a free cheeseburger to raise morale. Shake Shack is celebrating the launch ...
  • Amtrak tearing down Penn Station departure board; Billy Bush lost $1.4M on his Chelsea house

    Amtrak tearing down Penn Station departure board; Billy Bush lost $1.4M on his Chelsea house

    Penn Station’s archaic-yet-iconic Amtrak departure board is officially coming down today to make way for a series of updated, smaller ...
  • De Blasio to allocate $300 million and accelerate construction of third NYC water tunnel

    De Blasio to allocate $300 million and accelerate construction of third NYC water tunnel

    City Water Tunnel No. 3, one of the largest capital projects in the city’s history; Images: NYC DEP Mayor Bill ...
  • Central Park South co-op of the late Doris Roberts lists for $3.3M

    Central Park South co-op of the late Doris Roberts lists for $3.3M

    Emmy-winning actress and animal-rights activist Doris Roberts (you probably know her best as Marie Barone from “Everybody Loves Raymond”) passed away ...
  • The Horse Plague of 1872 brought New York City to a screeching halt

    The Horse Plague of 1872 brought New York City to a screeching halt

    In the fall of 1872, an unfortunate horse plague swept across New York City after making its way through Toronto, ...
  • There are more skyscrapers in NYC than in the next 10 cities combined

    There are more skyscrapers in NYC than in the next 10 cities combined

    Given our growing obsession with skyscrapers–and our growing collection of them–we’re pleased to find that New York City has more skyscrapers than ...
  • Oscar-winning director Steven Soderbergh sells stylish Chelsea pad for $4.8M

    Oscar-winning director Steven Soderbergh sells stylish Chelsea pad for $4.8M

    All the way back in August 2014, 6sqft featured the $5 million listing for this stylish co-op at 147 West 22nd ...
  • Socialite Georgette Mosbacher lists luxurious full-floor, Fifth Avenue co-op for $29.5M

    Socialite Georgette Mosbacher lists luxurious full-floor, Fifth Avenue co-op for $29.5M

    This grand Fifth Avenue co-op belongs to the socialite and political fundraiser Georgette Mosbacher, who has hosted everyone from King ...
  • SPACE T2: A 1959 hunting shack transformed into an off-grid studio by Stephen Holl

    SPACE T2: A 1959 hunting shack transformed into an off-grid studio by Stephen Holl

    Space T2 is a minimal artist studio located in Rhinebeck, NY. Stephen Holl Architects built the off-grid cabin using what remained of ...

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.