Kushner Secures Money for Monmouth Mall Redevelopment

On Sep 5, 2024

Real estate developer and operator Kushner has secured $415 million in construction financing through Fortress Investment Group and Rithm Capital Corp. to fund the anticipated redevelopment of the Monmouth Mall in Eatontown. The project is expected to transform the underutilized space – to be known as Monmouth Square – into a modern, open-air town center featuring 990,000 square feet of retail and restaurant space — including a Whole Foods Market — an expansive public green, a network of pedestrian pathways, 1,000 residential units, and medical office space.

The financing package comprises two key loans:

• $303 Million Residential Loan from funds managed by affiliates of Fortress Investment Group: Kushner secured $303 million for the residential component of the project, which will include 1,000 apartment residences, 125 of which will be designated as affordable housing. The financing was provided by funds managed by affiliates of Fortress Investment Group. The residential development will also feature a 40,000-square-foot clubhouse, complete with a fitness center, spa, café, coworking space, media room, library, pickleball and basketball courts, golf simulator, children’s room, and pet spa.
• $112.5 Million Retail Loan from Rithm Capital which will be managed by its operating partner, GreenBarn Investment Group: Kushner secured an additional $112.5 million for the redevelopment of the retail component of the project, which will include 990,000 square feet of retail space, anchored by a Whole Foods Market.

Monmouth Square is set to become a vibrant community destination off Route 35, less than one mile from Exit 105 of the Garden State Parkway. The thoughtfully designed blend of retail, dining, and luxury apartments aims to create an open and easily-accessible environment for residents and visitors alike. The project is already 82% preleased to a diverse set of highly desirable tenants across a range of industries. Architectural design for the project is being led by Minno + Wasko Architects and Planners, Benoy, and the Dietz Partnership, combining modern aesthetics with functional urban planning to meet the needs of today’s market. The retail leasing strategy is being managed by BOND Retail Partners, ensuring a diverse and compelling mix of tenants.

Laurant Morali, CEO of Kushner, said, “We are thrilled to have obtained the necessary financing to move forward with the redevelopment of Monmouth Mall. This important project represents a new era for this property and the region, where a thriving, multifaceted community hub will rise from an outdated, underused concept. Monmouth Square will not only provide premier living and shopping experiences but will also serve as a model for future mall redevelopments across the country.”

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