Kushner Companies’ $85.5M in debt assigned to Morgan Stanley, Goldman Sachs CMBS

Kushner Companies’ $85.5 million in debt originally issued by Argentic for an East Village portfolio in September 2019 was assigned to Morgan Stanley and Goldman Sachs’s originated commercial mortgage backed securities.

The debt was assigned to lender Morgan Stanley’s MSC 2019-L3 and Goldman Sachs’s GSMS 2019-GSA1 for the 144-unit portfolio, including the tax class multifamily, more than six families with stores (C7) at 170 Avenue A, 191 Avenue A, 143 1st Avenue, 167 Avenue A, 129 1st Avenue, and others in East Village. The deal closed on December 6, 2019 and was recorded on May 14, 2020.
The portfolio has 110,930 square feet of space, with 144 residential apartments.

The whole loan originated by Argentic in September 2019 was $85.5 million. The debt was divided into $60.5 million to the Morgan Stanley Capital I Trust 2019-L3,  and $25 million to the Goldman Sachs’s GSMS 2019-GSA1. Jared Kushner through his Non-NJ GR Trust owns an indirect interest in each of the related borrowers, according the CMBS filing. The sponsor is identified as Seryl Kushner, Jared Kushner’s mother. Of the total residential units, 24 are rent stabilized and 6 are rent controlled with the balance being free market.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $45,850.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link