Pension funds undergirded Hudson Lights development in Fort Lee, records show
By PolitickerNJ Staff | January 28th, 2014 - 12:45pm
TRENTON - A developer whose project hits ground zero of the George Washington Bridge fiasco secured state pension funds as part of the financing for his development project.
According to documents found through research at the office of the Bergen County Clerk, the State of New Jersey Common Pension Fund E holds a majority 55 percent ownership interest in the Tucker Development and Acquisition Fund, L.P.. The documents were hand-dated on March 15, 2012 and officially recorded by the county clerk on May 16, 2012.
Metropolitan Life Insurance Company holds a 27.5 percent ownership interest, Prudential Insurance Companies of America holds a 16.5 percent ownership interest, and Tucker Managers, LLC holds a one percent ownership interest.
According to the Division of Pensions and Benefits’ Comprehensive Audited Financial Report for Fiscal 2013, under the portfolio of investments, the pension funds invested in Tucker Development and Acquisition Fund. It was just one of numerous investments the state made in various real estate funds that fiscal year.
http://www.politickernj.com/71129/pension-funds-undergirded-hudson-lights-development-fort-lee-records-show
I am sorry if this has been posted already.
