Kushner’s NJ Project Lands $100M Financing
Completion is expected in the second quarter of 2026.
An affiliate of Kushner Cos. has secured a $100 million financing package for a 299-unit multifamily project in Long Branch, N.J. The development’s costs rise to $130 million.
Madison Realty Capital provided an $85 million construction note, while Unity Capital bankrolled a $15 million mezzanine loan.
Kushner broke ground on the project—designed by Minno & Wasko Architects and Planners—in March. Plans call for two four-story buildings encompassing studio and one- to three-bedroom floorplans, as well as townhomes. Completion of the first building is expected in the fourth quarter of 2025, while the second one should come online in the second quarter of 2026.
READ ALSO: Lenders Respond to a Tumultuous CRE Cycle
Besides the 279,822 square feet of rentable residential space, the development will also feature 21,318 square feet of retail space, including a 19,003-square-foot retail building, and a 558-space parking lot. A SuperFresh grocery store and a café will anchor the retail component.
Amenities are set to include a gym, yoga studio, game room, package room, lobby lounge, coworking space, theater room, outdoor deck, swimming pool, as well as rooftop terraces.
Located at 144 Broadway Place, the site is less than 1 mile from New Jersey Route 36 and roughly 3 miles south of Shrewsbury River. Four bus stations are nearby, while the Long Branch train station is less than 1 mile away. The North Jersey Coast Line connects Bay Head with the New York Penn Station.
Three decades in the making
The project is part of the long-awaited redevelopment of the Lower Broadway neighborhood. Once comprising more than 50 buildings, the development’s site fell into disrepair due to a local economic waning. In 1996, the City declared the entire area a redevelopment zone.
Almost 30 years later, in 2022, Kushner purchased the two city blocks upon which the project will take shape, as well as associated liquor licenses, for $21.6 million, according to App. The City approved the development’s final plans late last year.
In fact, Kushner is already involved in the Lower Broadway redevelopment. In 2014, the firm acquired Pier Village and transformed it into a mixed-use destination comprising retail spaces, condominiums and two hotels.
