The American Investment Group (AIG) has agreed to provide $210 million in permanent financing for the first tower of Kushner Real Estate Group (KRE) and National Real Estate Advisors’ Journal Squared Development. KRE and National previously worked with AIG to obtain permanent financing at Grove Pointe.
“We’re extremely pleased with Journal Squared’s progress to date,” Jonathan Kushner, president of KRE Group said in a news release. “The first tower was fully leased within 10 months of launching. The entire development is bringing much needed housing to the Journal Square neighborhood and we are excited to be part of the area’s continued redevelopment.”
Meridian Capital Group brokered the transaction.
The developers announced a partnership with Hello Alfred at Journal Squared.
KRE and National broke ground on the second Journal Squared tower in the fall of 2017 and the 70-story tower will be the tallest of the three towers at the site. Journal Squared will add an additional 1840 new units to the neighborhood.