Kushner Cos. has moved one step closer on each of two projects planned for Jersey City.
In a news release this week, Kushner said it has secured a $25 million loan from Santander Bank to refinance One Journal Square, a planned mixed-use development anchored by a 56-story tower. The New York-based firm is developing the property as part of a joint venture with KABR Group and WeWork.
“Santander ensured a smooth closing process and we look forward to further expanding our relationship,” Laurent Morali, managing director and head of acquisitions and capital markets at Kushner Cos., said in a prepared statement. “Jersey City is a strategic market for Kushner Companies and we’re excited to continue developing our presence in this location.”
Kushner also said it has completed its $14 million closing on its Warren at Bay project with development partner KABR Group. The mixed-use project will be located at 124 Warren St. in Jersey City.