Kushner Plans to Lend $200 Million Annually to Developers
Jared Kushner’s Kushner Companies is planning to lend $1 billion or $200 Million annually, to developers over the next five years. The decsion to make an effort to provide lending as part of the business a year ago.
The Real Deal first reported in May that Kushner Companies had quietly launched a lending arm, and bought the mezzanine debt on JDS Development and the Chetrit Group’s 9 DeKalb Avenue.
According TRD, the firm plans to issue preferred equity, mezzanine debt and senior debt ranging from $20 million to $500 million.
“We have very ambitious objectives for 2017 and would like to do at least $200 million per year with the expectations of placing roughly $1 billion over the next five years, ” Laurent Morali, president of Kushner Companies told the New York Post.
On Monday, TRD reported that Kushner Credit Opportunity Fund is backing Toby Moskovits’ Bushwick mixed-use project 215 Moore Street with a $33 million loan.
Kushner Morali explained: “We like the opportunity to deploy our capital in a different place in the capital stack.”
Kushner Cos., founded by Charles Kushner, and more recently led by son Jared, appointed Morali as president earlier this year. [NYP] — Konrad Putzier
Read more about: Jared Kushner, Kushner Companies, Toby Moskovits