NYCB’s loan met 75% of the cost of Kushner’s $160 million acquisition of four apartment properties in Ridgeland, Pearl, and Flowood, three outskirts bordering the northern and eastern edges of Jackson, Mississippi.
Kushner Companies, a New York-based real estate staple with a portfolio valued at around $15 billion, has been scooping up assets in Mississippi, Virginia, and Tennessee over the last several weeks.
The company has accomplished about $400 million worth of multifamily real estate in those three states during that period, acquiring about 2,500 apartment units.
Newmark suggested Kushner in the sale and financing for the four Jackson properties. Jordan Roeschlaub and Dustin Stolly, vice chairmen and co-heads of the firm’s New York-based debt and equity structured finance group.
The four Jackson properties are positioned at 580 South Pear Orchard Road (Pear Orchard Apartments) and 2144 Lakeshore Drive (Lakeshore Landing Apartments) in Ridgeland; 440 Cross Park Drive (Crosswinds) in Pearl; and 2945 Layfair Drive (Reflection Pointe Apartments) in Flowood.
Kushner was attracted to Jackson, in particular, because it sees strong growth in the area’s economy, due to its employment drivers, like the state government and Nissan.