Kennedy Wilson Closes $175 Million Loan for Jersey City Towers
Deal News | Nov 13, 2024 | Kennedy-Wilson Holdings Inc
Kennedy-Wilson Holdings Inc. has closed a $175-million senior construction loan for the development of Artwalk Towers in Jersey City's Journal Square. This significant funding is facilitated for the Kushner Real Estate Group, a leading developer in the area, to build a 49-story residential tower comprising 595 units with various amenities. The tower, strategically connected to the Journal Square PATH station offering direct access to Manhattan, is slated for completion in late 2027. Kennedy Wilson's Debt Investment Group, led by Thomas Whitesell, marks its successful collaboration with Kushner Real Estate Group as it continues its mission of funding notable multifamily and student housing projects nationwide, achieving more than $2.4 billion in originations.
Sectors
- Real Estate Development
- Financial Services
Geography
- United States – The deal involves a real estate development in Jersey City, New Jersey, a key geographic area within the United States.
- New Jersey – Jersey City, where the Artwalk Towers project is taking place, is a significant location for this real estate development.
Industry
- Real Estate Development – The article discusses the development of a new residential tower project in Jersey City, addressing growth and investments in the real estate market.
- Financial Services – The provision of a construction loan by Kennedy Wilson represents significant financial services activity within the real estate sector.
Financials
- $175 Million – The amount of the senior construction loan provided by Kennedy Wilson for the development of the Artwalk Towers.
- $2.4 Billion – The total amount of originations completed by Kennedy Wilson's Debt Investment Group over the past year in multifamily and student housing projects.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kennedy-Wilson Holdings Inc. | Bidding Company/Loan Provider | Company | A global real estate investment company providing the construction loan for the Artwalk Towers. |
| Kushner Real Estate Group | Target Company/Developer | Company | The main developer for the Artwalk Towers project in Jersey City. |
| Thomas Whitesell | Head of Kennedy Wilson's Debt Investment Group | Person | Responsible for leading the Debt Investment Group at Kennedy Wilson. |