Jared Kushner’s family is seeking a $250 million loan to pay back Chinese investors in a real estate development — but U.S. banks aren’t exactly eager to do business with them.
Kushner Companies have shopping around for a loan against their 50-story Trump Bay Street luxury tower in Jersey City, which they would use to repay investors and pay off a mortgage on the development, reported Bloomberg Politics.
The family would keep $50 million from the loan, sources told the website.
The company owned by Kushner’s family funded about a quarter of the $194 million development through the EB-5 visa program granting green cards to wealthy foreigners in exchange for U.S. investment.
Some large U.S. banks are reluctant to get involved in the transaction due to Kushner’s ties to the White House, and because of the politically fraught visa program, sources said.
Three Democratic lawmakers sent a letter last week to Kushner Cos. seeking information about their use of EB-5 and raised concerns about possible conflicts with Jared Kushner’s role as a White House adviser.
The company pulled out of an EB-5 presentation last month after Kushner’s sister touted their business ties to President Donald Trump.
The family will likely turn to unregulated lenders and foreign banks to repay Chinese investors.
Congressional investigators are expected to grill Jared Kushner about whether he was seeking someone to purchase his family’s 41-story tower at 666 Fifth Avenue when he tried to set up a secret back channel with Russian officials.
Kushner and his family real estate firm took a huge hit after buying the tower in January 2007 for a then-record $1.8 billion, and the company has reportedly been bleeding money ever since.
He is expected to testify before the Senate and House Intelligence committees on his meetings with Russian government and banking officials, but no dates have been set.