Kushner Real Estate Group announced it has secured $175 million in construction financing for the first phase of Artwalk Towers, a two-story mixed-use development in Jersey City that will be the eventual home of 1,189 units and a 100,000 square foot space for Centre Pompidou x Jersey City.
KRE, which was granted a 30-year tax abatement by the Jersey City Council in September, moved quickly on the deal after acquiring the land at 808 Pavonia, which is across the street from the Journal Square PATH station and KRE’s Journal Squared property – and in the heart of an arts district the city is creating around the renovation of the Loew’s Jersey Theatre.
Artwalk Towers is planned across two phases, first a 595-unit building, and then a 594-unit building that will include the Centre Pompidou x Jersey City, which will be one of only a handful of satellite locations for the internationally esteemed Parisian art museum as well as its only location in North America.
In addition to the apartments, phase one is expected to contain ground-floor retail as well as extensive resident amenities such as a swimming pool, sky lounge, fitness center, garage parking, and bike storage among many others.
Mark DeLillo, managing partner of BlueGate, which helped close the sale and secure the loan, said the impact of Artwalk Towers will be great.
“Future residents of the towers will enjoy spectacular skyline views, state-of-the-art amenities, and PATH train access to the World Trade Center in as little as 12 minutes,” he said. “In addition to a short commute to Manhattan, the site’s central location allows for terrific access to major employment centers of the Hudson County Waterfront, Newark and the greater metropolitan region.”
The BlueGate team of DeLillo, Marc Schulder, Lee Spiegelman and Felipe Marin and Eli Zaoutis worked on this monumental transaction, as well as Bob Antonicello and Bobby Antonicello, Jr. from GRID Real Estate. Leslie Harwood played a leading role in representing the Harwood family in the sale negotiations.
