Kushner Secures $415 Million In Financing For Monmouth Square Redevelopment In Eatontown, New Jersey

Kushner has secured $415 million in construction financing for Monmouth Square, a mixed-use redevelopment of Monmouth Mall in Eatontown, New Jersey. The financing package includes a $303 million residential loan from Fortress Investment Group and a $112.5 million retail loan from Rithm Capital Corp, managed by GreenBarn Investment Group.

The project plans to transform the underutilized space into a modern, open-air town center. The new development will feature 990,000 square feet of retail and restaurant space, including a Whole Foods Market, as well as 1,000 residential units, 125 of which will be designated as affordable housing. The project will also include public green space, pedestrian pathways, and medical office space.

The residential component of the project will include a 40,000-square-foot clubhouse with a variety of amenities. Architectural design for the project is being led by Minno + Wasko Architects and Planners, Benoy, and the Dietz Partnership, with BOND Retail Partners managing retail leasing strategy. The retail space is already 82 percent pre-leased.

Kushner broke ground on Monmouth Square in May, with initial work focusing on demolishing approximately 600,000 square feet of retail space, including the former Lord & Taylor and JCPenney locations. Whole Foods Market will move into the space currently occupied by Barnes & Noble, which will be relocated within the town center. Existing retailers such as AMC, Macy’s, and Boscov’s will remain open during construction.

“Redeveloping a property of this scale and scope is a complex endeavor, requiring a deep understanding of market dynamics along with strong relationships with financial institutions,” said Michael Sommer, chief development officer for Kushner. “Securing construction financing represents a significant milestone in our efforts. With demolition of the former Lord & Taylor department store underway along with the construction of the new Barnes & Noble location to accommodate Whole Foods, we are making substantial progress toward reimagining this site in a way that meets the evolving needs of the community and creates a vibrant hub where people can live, shop, and connect.”