US commercial real estate lenders Madison Realty Capital and Unity Capital have provided $85m and $15m (€79.8m and €14m) respectively to an affiliate of property developer Kushner Companies for the development of mixed-use multifamily project in New Jersey.
Madison Realty is providing the construction loan alongside Unity Capital’s mezzanine loan for the development of the 299-unit multifamily and retail project located at 144 Broadway Place in Long Branch.
Construction of the property is expected to be completed in the second quarter of 2026. Once completed, the Class A development will comprise two four-storey buildings and a mix of studio and one- to three-bedroom units and townhomes. It will contain 279,822 rentable residential sqft, 21,318sqft of retail space including a standalone 19,003sqft retail building, and a 558-car parking lot.
Josh Zegen, managing principal and co-founder of Madison Realty Capital, said: “Long Branch is a supply-constrained housing market with significant barriers to entry, and has experienced strong and growing demand for luxury residential and retail properties in recent years.
“With convenient access to commuter hubs, luxury retail options and the Atlantic Ocean, this property is poised to serve Long Branch’s need for high-quality multifamily developments.”
Evan Bell, co-founder and principal of Unity Capital, said: “This mixed-use development is a much-needed addition to this accessible beach destination, and we are thrilled to have been part of the construction financing. We look forward to seeing the continued evolution and growth of Long Branch.”
Laurent Morali, CEO of Kushner Companies, said: “This project aims to infuse new vitality into the city’s downtown, linking Lower Broadway to our Pier Village oceanfront community.”
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