FORT LEE, NJ – A joint venture partnership of affiliates of Tucker Development Corporation, Ares Management and Kushner Real Estate Group (“KRE Group”) announced today that it has secured $218 million in financing for Phase I of Hudson Lights, a large-scale, one-million-square-foot mixed-use redevelopment of a prominent eight-acre site located at the base of the entrance to the George Washington Bridge in the heart of downtown Fort Lee, N.J.
The U.S.-based unit of international real estate services firm, Savills, arranged thedebt and equity capitalization, including a $117 million construction loan provided by Sovereign Santander Bank. The financing will allow for construction to proceed on the first phase of Hudson Lights, comprising approximately 143,000 square feet of retail space, 864 parking stalls and 276 luxury apartments that feature numerous amenities for residents including a pool, lounge, fitness center, rooftop terrace and gardens. Phase I of Hudson Lights will total approximately 517,000 square feet of commercial and residential space, exclusive of structured parking.
Tucker Development is constructing Hudson Lights with its development partner, KRE Group. Tishman Construction Corporation is serving as the development’s general contractor. KRE Group will also assist with property management for the development’s residential component upon completion. Robert K. Futterman & Associates is serving as the development’s exclusive retail leasing agent.
“Receipt of this critical financing is a testament to the demand that exists in the market for thoughtfully designed, mixed-use developments in prime locations, as well as the strength of the world-class team that has been assembled to deliver Hudson Lights,” stated Richard H. Tucker, President and CEO of Tucker Development. “We look forward to soon commencing construction on what promises to be one of the region’s foremost, urban-inspired destinations for shopping, dining, entertainment and luxury residential opportunities.”
Designed by leading architecture and planning firm Arquitectonica, Hudson Lights is the western portion of a 16-acre site in Fort Lee that will be comprehensively redeveloped. The development will front on Lemoine Avenue, Main Street, Park Avenue (currently Martha Washington Way) and Bruce Reynolds Boulevard. Further, two new roadways will be constructed as part of the redevelopment. The new Central Avenue will link Lemoine Avenue and Park Avenue. Hudson Street, the focal point of the pedestrian-oriented retail, will be constructed between Main Street and Central Avenue.
The fully entitled second phase of Hudson Lights will include an additional 201 residential units, approximately 50,000 square feet of retail space and parking, as well as a 175-room hotel. The zoning also affords the development the option for an office building of up to 430,000 square feet.
About Tucker Development Corporation
Tucker Development Corporation, founded by Richard H. Tucker in 1996, is a leading developer and manager of shopping centers and mixed-use properties in key Midwest and East Coast barrier-to-entry markets. The company pursues mixed-use and retail-related real estate investments that provide an opportunity to enhance value through development, redevelopment, repositioning and recapitalization. Tucker Development Corporation’s development, management and leasing portfolio exceeds five million square feet and continues to grow through the company’s development and acquisition activity.
For more information on Tucker Development Corporation, visit www.tuckerdevelopment.com. For development, acquisition and joint venture opportunities, contact Robert Clark, Vice President of Development, at (847) 748-3902 or [email protected].
About Ares Real Estate Group
The Ares Real Estate Group is a leading global real estate asset manager with approximately $8 billion of committed capital under management as of August 31, 2013. Headquartered in New York, the Ares Real Estate Group has approximately 70 investment professionals and approximately 130 total professionals located in 15 offices across the U.S., Europe and India. Led by Lee Neibart and John Bartling, the Group offers comprehensive real estate products across the risk-return spectrum, spanning private equity and private debt with a focus on major property types.
About Ares Management LLC
Ares Management LLC is a global alternative asset manager and SEC registered investment adviser with approximately $66 billion of committed capital under management and approximately 700 employees as of July 1, 2013. Ares is headquartered in Los Angeles with professionals located across the United States, Europe and Asia and invests across the capital structure – from senior debt to common equity. Ares' investment activities are managed by dedicated teams in its Capital Markets, Private Debt, Private Equity and Real Estate investment platforms. Ares Management was built upon the fundamental principle that each platform benefits from being part of the greater whole. This multi-asset class synergy provides its professionals with insights into industry trends, access to significant deal flow and the ability to assess relative value. For additional information, visit www.aresmgmt.com.
About KRE Group
Kushner Real Estate Group (“KRE Group”) is a 30-year-old New Jersey real estate development and management company founded by Murray Kushner and Eugene Schenkman. The company has developed, owns, and manages over 5 million square feet of commercial, retail and industrial property and owns over 9,500 apartments, of which KRE Group manages approximately 4,500 units. In addition, KRE Group has several thousand additional residential units in its development pipeline. KRE Group takes a multidisciplinary approach to property development, employing in-house the critical expertise required for the successful development of large mixed-use projects. For additional information, visit www.thekregroup.com.