Kushner, CIM Group And LIVWRK Seek Construction Funding For Dumbo Project
Kushner Cos. is seeking a $600M to $650M financing package to assist in an ambitious development.
The joint venture of Kushner, CIM Group and LIVWRK is interviewing brokers to assist in securing a construction loan for its planned residential project at 85 Jay St. in Dumbo, The Real Deal reports.
Jared Kushner, CIM and LIVWRK paid Jehovah's Witnesses $345M for 85 Jay St., currently a parking lot, in December. Kushner sold his share of the property to his family company when he joined the White House as a senior adviser to President Donald Trump, his father-in-law. In August, the joint venture filed plans to build a 21-story, 874K SF multifamily complex with 60K SF of retail space on the site. Whether the 737 units will be rentals, condos or a mix is unknown.
The three companies also joined together to purchase the famed Watchtower complex from the Witnesses in the summer of 2016, and now plan to redevelop the property into an office and retail development called Panorama.
Kushner Cos. is also seeking to finance an ambitious redevelopment of 666 Fifth Ave., once considered the company's crown jewel, so far without success. The Kushners' plan for a $7.5B mixed-use conversion has reportedly lost support from the property's co-owner, Vornado.
Investigations into Jared Kushner's possible conflicts of interest between his real estate ties and his government position have faded from the public spotlight, but remain ongoing. If any foreign money is used to finance either 85 Jay St. or Panorama, Kushner Cos. and its partners could once again be under the spotlight.
