85 Jay St. project gets $600M construction loan
Developer the CIM Group has announced it has secured a construction loan of more than $600 million for the 3-acre, high-rise residential project at 85 Jay St. J.P. Morgan Chase Bank is providing the loan for the Morris Adami-designed complex, which will be rising on the site of a former parking lot for the Jehovah’s Witnesses.
The project gained notoriety recently because Jared Kushner, President Donald Trump’s son-in-law, was a partner in it through his firm, Kushner Cos., according to Construction Dive. However, Kushner sold his 2.5 percent share in the property and another project, Panorama Brooklyn, earlier this year. CIM is developing the project in partnership with mixed-use urban developer LIVWRK, Construction Dive reported.