KUSHNER COMPANIES ACQUIRES THREE CITY BLOCKS IN ASBURY PARK, N.J.
Based Upon Strong Demand for Phase I, Company Moves Forward With
Phase
II
of Wesley Grove
ASBURY PARK, N.J., March 21, 2006 - Kushner Companies has closed
title
to
three city blocks in Asbury Park, N.J., for development of Phase II of
Wesley Grove at Asbury Park, a luxury residential development now
under
construction along the famed Wesley Lake at the southern edge of the
city,
announced Jeffrey Freireich, managing director. This acquisition
clears
the
way for the private developer to move through the City's Technical
Review
Committee approval process on its proposal to build an additional 300
condominiums and duplexes. Financing was supplied by Valley National
Bank,
which also supplied the Phase I financing.
Kushner Companies purchased the land, which includes three distinct
Blocks,
131, 142 and 143, that form the triangle between Cookman, Asbury and
Heck
Avenues. Kushner Companies purchased the parcels from Asbury Partners,
master developer of Oceanfront Asbury, the 56-acre, mixed-use master
planned waterfront redevelopment now underway in Asbury Park.
"We have financed both phases of this project and are thrilled with
the
success," noted Christopher J. Coiley, senior vice president at Valley
National Bank. "We feel very positive about our involvement in the
redevelopment of this historic area."
"We are very excited about the purchase, which was completed the
first
week
of March," noted Freireich. "Our development arm, Westminster
Communities,
is well along on construction of Phase I of Wesley Grove. The new
community
has generated exciting demand from buyers. In fact, we are
approaching
a 50
percent sellout, and based on the response, we are looking forward to
moving as quickly as possible to begin Phase II."
The first portion of Phase I of Wesley Grove, known as The St. James,
is
scheduled for completion by early fall 2006. Approximately 50 percent
of
the 91 townhome and condominium units are already sold. The balance
of
the
146 residential units in Phase I should see construction commenced
shortly.
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