(To read more on the multifamily market, click here.)
ASBURY PARK, NJ-Kushner Cos. has closed title to three cityblocks on which it will build the second phase of the Wesley Grovemixed-use community. The acquisition, on the southern end of thisoceanfront city, paves the way for Kushner to move through thecity's technical review committee approval process on its proposalto build an additional 300 condos and duplexes.
The sale price was not disclosed; however, the financing wasprovided Valley National Bank. The seller was Asbury Partners,locally based master developer of the 56-acre Oceanfront Asburyredevelopment area along the city's oceanfront.
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