The Kushner family is currently seeking a loan to pay back Chinese investors, but many banks are hesitant to jump onboard due to the family’s connection to the investor visa program.
In order to pay back Chinese investors for the New Jersey luxury tower, the Kushner family real estate company, Kushner Companies, is seeking a loan of $250 million, according to an article by Sarah Mulholland and Caleb Melby for Bloomberg.
The company will use the loan for its 50-story Trump Bar Street in Jersey City, according to the article. It will keep $50 million and use the rest to repay the investors and pay off the mortgage.
From the article:
The company, which belongs to the family of Jared Kushner, President Donald Trump’s son-in-law and senior adviser, funded about a quarter of the $194-million development through the EB-5 visa program that grants wealthy foreigners’ green cards in exchange for investing in U.S. projects.
Some large U.S. banks are shying away from the transaction because of the property’s connection to Kushner and the visa program, the person said. Unregulated lenders and non-U.S. banks will probably step into the breach. A Kushner Cos. spokesman declined to comment.
The EB-5 visa the company was highlighting allows investors to immigrate to the U.S. with a permanent residency if they invest at least $500,000 in a project that helps an area suffering from high unemployment or that needs development.
Earlier in May, the Kushner family came under fire after appearing to use its connection with the White House as a selling point to its investor event.
The company later apologized if the event’s keynote speaker Nicole Kushner Meyer’s mention of her brother was in any way interpreted as an attempt to lure investors. They insisted, “That was not Ms. Meyer’s intention.”