Fortress Investment Group has agreed to help finance Kushner Cos.’ unsolicited $4.3 billion bid to buy rival apartment building owner Veris Residential Inc., according to a letter from Fortress to Veris’s board.
The Nov. 17 letter, which was reviewed by The Wall Street Journal, said affiliates of Fortress, a large investment management firm based in New York City, “are prepared to finance the debt and equity needed to consummate” Kushner’s $16 a share offer, subject to due diligence.
So Fortress is willing to finance a purchase of NJ apartments at a 5% cap and 26x EBITDA…?! $VRE
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