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,