9-29-17

4B — September 29 - October 12, 2017 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal

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O wners , D evelopers &M anagers New Jersey transaction valued at $190 million Kushner acquires 1,032-unit Quail Ridge Apt. community P

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lainsboro, NJ — Kushner has acquired Quail Ridge, a 1,032- unit apartment community on 52 acres in Plainsboro from An- gelo, Gordon & Co., in a trans- action valued at $190 million. American International Group Inc. served as the se- nior lender on the transaction. The acquisition, which closed on September 14, 2017, is the latest transaction in a broader strategic plan by Kushner to acquire residential and com- mercial properties with high investment potential. Earlier this year, the company pur-

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Quail Ridge

chased 5,517 multi-family units in Maryland for $520 million. It is exploring additional multi-

family and other opportunities nationally and in New Jersey and New York. “We’re excited to continue to invest in the high-value and growing Central New Jer- sey residential market,” said Laurent Morali , president of Kushner. “Quail Ridge presents an outstanding opportunity to continue the expansion of our multi-family portfolio while helping to improve an already great community. It reflects our strategy of vigorously pursuing investment where we see sig- nificant potential value.” Quail Ridge is an apartment community located at the center of the Princeton area’s bustling insurance, biotech and other corporate campuses. Kushner has completed more than $2 billion in transactions over the last two years, includ- ing the acquisition of 203,000 s/f of creative office space in Jersey City. It acquired the most iconic property on the Brooklyn sky- line, known as the Watchtower, which consists of 830,000 s/f that it plans to convert into a high tech corporate campus. In one of the top retail deals of 2016, the company repositioned 250,500 s/f of retail at 229 West 43rdSt. in the heart of Times Square. It announced develop- ment plans for three residential towers in Jersey City’s Journal Square, one of which will be the tallest in the state, and has opened a 52-story residential tower at 65 Bay St. on the Hud- son River. Kushner also plans to start a $1.1 billion construction project this year at 85 Jay St. in the Dumbo neighborhood of Brooklyn for condominiums, apartments and retail. Kushner’s lending arm, Kushner Credit Opportu- nity Fund , has also been ex- panding. Last month, it closed a $24.5 million land loan to Somerset Partners to spur the redevelopment of two parcels in the South Bronx neighborhood of Mott Haven. n

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