Kennedy Wilson Secures $175M Loan for Artwalk Towers in Jersey City
Kennedy Wilson, a global real estate investment leader and prominent multifamily and student housing lender, has closed a $175 million senior construction loan for the development of Artwalk Towers, a 595-unit residential project in Jersey City, New Jersey. This loan marks a significant milestone in Kennedy Wilson’s active year for its debt investment platform.
Since acquiring a $4.1 billion construction loan portfolio in Summer 2023, Kennedy Wilson has originated $2.4 billion in multifamily and student housing loans, totaling 8,900 units across the U.S. The company’s pipeline remains robust, with continued momentum in these sectors.
Artwalk Towers, located in Jersey City’s Journal Square, will feature a 49-story tower offering a range of amenities, including a direct Art Walk connector to a PATH station for Manhattan access, a resort-style pool, BBQ area, fitness center, co-working spaces, and a sky lounge with views of New York City. The project’s sponsor, Kushner Real Estate Group, is a leading developer in the area with over 1,800 units delivered across multiple projects. The development is expected to complete by Q4 2027.
“We’re thrilled to close our first loan with Kushner Real Estate Group, a developer with a proven track record of delivering high-quality projects,” said Thomas Whitesell, Head of Kennedy Wilson’s Debt Investment Group. “This loan is a perfect fit for our strategy to support transformative multifamily developments in urban centers, and it’s a great way to mark the anniversary of our debt group’s first year at Kennedy Wilson.”
Kennedy Wilson holds a 2.5% weighted average ownership in the loans closed since Summer 2023 and continues to earn customary management fees as asset manager.
About Kennedy Wilson
Kennedy Wilson (NYSE: KW) is a leading real estate investment company with over $28 billion of assets under management in high growth markets across the United States, the UK, and Ireland. Drawing on decades of experience, our relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $50 billion in total transactions across the property spectrum since going public in 2009. Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic equity and debt investments alongside our partners.
