Kushner Companies and partner Extell Development Company, have closed on two phases of financing in conjunction with their purchase of Long Branch, New Jersey’s Pier Village.
Kushner and Extell acquired Pier Village for $180 million in a transaction that closed in two phases over the last quarter of 2014.
The first phase involved financing provided by Capital One, which provided bridge financing in November 2014.
Then, in mid-December, the bank also originated and closed a $97 million long-term fixed rate financing from Fannie Mae to take out the acquisition loan that it provided a month earlier.
Both Capital One financings were arranged by Meridian Capital Group.
The second phase of financing was a $32 million Freddie Mac loan originated by PNC Bank. The partnership assumed this seven-year loan, originated a year and a half ago by the prior ownership.
“We are thrilled to have completed the agency financings for our purchase of this incredible asset with Extell Development,” said Laurent Morali, a Kushner Companies managing director and head of
acquisitions and capital markets.
“Working with Capital One, Fannie Mae, PNC and Freddie Mac is a testament to the quality of the asset itself. But we also feel it speaks to the strength of the partnership we’ve assembled to purchase it.
“We’re appreciative of the trust and confidence these major lending institutions have placed with us and look forward to seeing Pier Village continue to thrive as a gem along the Long Branch coast.”