Princeton, NJLocal Weather Alerts
There are currently no active weather alerts.

Kushner buys Princeton Marriott for $38 million

The entrance to the Princeton Marriott.

Kushner Companies has bought the Princeton Marriott at Forrestal Village from Lone Star Funds for $37.6 million. The deal was financed through a 10-year fixed-rate commercial mortgage-backed securities loan for $24 million from UBS.

The Princeton Marriott, formerly the Scanticon, is located at 100 College Road in Plainsboro, just across Route 1 from Forrestal Village. The property includes 38,000 square feet of meeting space, indoor tennis courts, a swimming pool, a spa and a restaurant.

According to the Commercial Observer, which broke the story about the sale, Kushner recently launched a hospitality platform and is planning to invest $2 billion, with a primary focus on the acquisition of hotels with large conference facilities.

Kushner Companies, once a major landlord in New Jersey’s rental market, has also been buying rental properties in the state again after shifting its focus to New York a decade ago. One of Kushner Companies’ most recent New Jersey rental property acquisitions, Quail Ridge, is a 1,032-unit complex in Plainsboro that was purchased for $190 million in 2017. The 52-acre property had been previously owned by Kushner. It was  among the buildings Kushner sold in 2007 to help pay for its $1.8 billion purchase of 666 Fifth Avenue, where the company is now headquartered. Jared Kushner is the former chief executive officer of the company. He left the post to become a senior advisor to his father-in-law, U.S. President Donald Trump,

Please share your thoughts on this story.

1 comment

Join Our Orbit

Events Calendar

« March 2019 » loading...
M T W T F S S
25
26
27
28
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Wed 20

Gifts from the Sea – exhibit of photographs and poetry

March 10 @ 8:00 am - May 2 @ 8:00 pm
Wed 20

Wacky Wednesday Storytime at Barnes & Noble

March 20 @ 11:00 am - 11:30 am
Wed 20

Mary Poppins Purim at The Jewish Center

March 20 @ 5:00 pm - 8:00 pm
Wed 20

Knitting Group

March 20 @ 7:00 pm - 8:00 pm
Thu 21

Adam Garey Art Salon

March 21 @ 11:00 am - 2:00 pm
%d bloggers like this: