Jersey City’s Trump Plaza developers get 140M loan for project

CIT Group Inc. announced Monday that its CIT Real Estate Finance unit has arranged a $140 million loan to Kushner Companies and the KABR Group to finance the development of a 50-story apartment building.Kushner Companies, a diversified real estate company, and KABR, a real estate investment and management company, are teaming up to build the second tower of Trump Plaza, known as Trump Bay Street, according to published reports.

The money will also be used to purchase a parking garage and 7,200 square feet of retail space to supplement the rental apartment tower.

CIT Group said in a news release that, in addition to CIT Real Estate Finance serving as lead arranger and administrative agent for the deal, CIT Bank, its U.S. commercial bank subsidiary, provided the financing.

“We’re pleased to complete our fourth transaction with Kushner Companies to create a great mixed-use property that will benefit from its proximity to New York City and surrounding communities,” Matt Galligan, president of CIT Real Estate Finance, said in the release. “Our ability to put our commercial real estate expertise to work for Kushner and the KABR Group will enable them to develop the tallest rental apartment building in Jersey City, offering unobstructed views of Manhattan, the Statue of Liberty and the George Washington Bridge.”

Website Multi-Housing News Online said in a report that the tower will contain 447 units and has an estimated cost of $193.5 million.

In addition, The Jersey Journal reported that the project received a five-year tax abatement when it was approved by Jersey City’s council.

The project broke ground in April, and is expected to be completed by mid-2016, the reports said.

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