Fortress Investment Group is well known across the world is one of the leading companies in alternative asset management. While it is universally regarded as one of the leading figures in this industry today, it was not that long ago that the company was originally founded. In 1998 the five principal members of the company launched the corporation. This includes principal founding members Wes Edens and Pete Bridger. The members of the administrative staff of this corporation all had experience in the finance industry prior to launching their own private equity investment firm. From 1998 to 2006 the company experienced incredible growth and had managed to grow its assets by almost 40%. It became the nation’s first publicly traded private equity company in 2007 whenever it held its initial public offering with the help of underwriting by Goldman Sachs and Lehman Brothers.
Fortress Investment Group has gone on to continue its growth and in 2017 was purchased by technology giant in Japan Softbank group Corporation. Fortress Investment Group continues to make waves in the world of finance as it helps investments across the world in a number of industries. Most recently one of the real estate companies that are owned by Jared Kushner received financial assistance from Fortress Investment Group in the form of a $57 million loan that will go to assist a two-tower development in the state of New Jersey. While the total cost of this project is expected to exceed far the $57 million that Fortress Investment Group has loaned the project development fund this is a start in order to help get the project off of the ground. According to the New Jersey, economic development Authority in 2015 eight project development manager projected costs of around $124 million in debt and an additional $71 million in equity.
The plans for this project development call for the construction of two towers that are both 56 stories tall and will house a total of 1500 residential apartments. The transaction for this loan was concluded in October of last year. Jared Kushner is the son-in-law of the current president Donald Trump. He stepped down from his position as Chief Executive Officer whatever he joined the administrative staff of president Donald Trump in order to avoid conflict of interest charges. The construction project has had several significant problems over the last several years including the loss of one of its nature core tenets and millions of dollars that were lost in tax breaks due to a dissolving of the relationship with the city’s mayor prior to the election 2017. While there have been rumors that the project is experiencing more difficulties the appearance of a new loan to help fund the project indicates that it may be moving forward. Softbank group Corporation purchased Fortress Investment Group and had yet to make a public statement in regards to their support of the project development in the state of New Jersey. Fortress Investment Group has done several business deals with Jared Kushner in the past including transactions with Kushner credit opportunity fund.
To Know More Click Here