Capital One Bank completed the syndication of a $67.5
million loan for Murray Kushner/KRE Group and The Silverman Group, two
companies developing Madison Farms, a mixed-use development under construction
near Route 33 in Bethlehem Township.
The loan is for the construction of the project, which
consists of 123,000 square feet of retail space, including a ShopRite
supermarket and Starbucks, and 294 residential rental units.
Of the loan amount, $43.8 million will be used for
residential construction and $23.7 million will be for retail space, according
to Michael Bulger, a spokesperson for Capital One Bank, headquartered in
McLean, Va.
Additional banks financing the project include Provident
Bank, serving as the documentation agent, and National Penn Bank, as a
participant, Bulger said. Capital One acted as sole lead arranger, sole book
runner and administrative agent on the transaction, Bulger added.
"This loan facility is one of the keystones for the
development of our project, and securing it allows us to construct Madison
Farms as planned," said Jamie Block, director of finance at KRE Group.
"The terms offered by Capital One are consistent with our budget and our
financial goals for the project. As always, we are proud to be working with
their team and we look forward to the successful build-out of this multiuse,
multiphase project."
Kushner Real Estate Group is a full-service real estate
investment and management company with headquarters in New York and New Jersey.
The Silverman Group is a family owned and operated private equity and real
estate development organization based in Short Hills, N.J.
"Capital One's hands-on approach was instrumental in
finding the tailored financial solution that fit our needs," Murray
Kushner, chairman of Kushner Real Estate Group, said in a news release.
Source: LVB.com
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