Kushner had another record year in 2017, with more than $2.5 billion of transactions. We continued to expand our multifamily portfolio with the acquisition of over 1,000 units in Plainsboro, New Jersey, and the recapitalization of 5,500 units in Maryland. Construction was completed on budget and ahead of schedule at 65 Bay Street, a 447-unit luxury high-rise in Jersey City, which we refinanced for $240 million. We recapitalized Dumbo Heights, our 750,000 square foot office campus that is nearing complete occupancy, for $600 million. Additionally, our lending platform loaned $250 million this year in accordance with our goal.


Our company has 12 million square feet under development in New York and New Jersey. At the Heights at Monmouth in Eatontown, New Jersey, we are proud to partner with Rouse Properties and have successfully rezoned the site to allow for 700 apartments and 1.9 million square feet of retail. We are excited to commence an $800 million development at 1 Journal Square in Jersey City, which will feature 1,500 apartments and 100,000 square feet of retail. Two new hotels at the Jersey Shore will also add to the Kushner hotel portfolio.


Kushner is a diversified real estate organization responsible for the ownership, management, development, and redevelopment of properties throughout the country. We are strategically focused on setting the pace for the way people live and work. Our mission is to provide our tenants with environments that are productive, efficient, and state-of-the-art. Investment decisions are based on our successful experiences in the past, and more importantly, our vision for the future.