Jared Kushner’s massive bet on Dumbo’s Watchtower building is being backed by the Blackstone Group and SL Green Realty.
Affiliates of the two investment giants plowed a total $376 million into the project, via acquisition, building and project loans. Blackstone took the senior piece of the loan, while SL Green led the loan and retained a B-note component, according to Commercial Mortgage Alert. The deal was revealed in public records Thursday, though SL Green was not named in the documents.
A representative for Kushner did not immediately respond. Blackstone declined to comment.
The loan is one of the largest recorded in Brooklyn so far this year.
A partnership led by Kushner Companies [TRDataCustom], CIM Group and LIVWRK finalized its deal for the well-known landmark last week, paying $340 million to buy it from the Jehovah’s Witnesses. Aby Rosen’s RFR Holding was initially slated to be a partner on the deal backed out before the closing, sources said.
Kushner and LIVWRK previously partnered with RFR on Dumbo Heights, a five-building Dumbo office complex they bought from the Witnesses for $375 million in 2013. Investment firm Invesco provided much of the financing for that deal.