The Kushners are looking to pay off Chinese investors.
The real estate company, owned by the family of President Trump’s son-in-law and advisor, Jared Kushner, is seeking $250 million and “sending out feelers for the loan against its 50-story Trump Bay Street in Jersey City.”
That’s according to Bloomberg News, which added that U.S. banks are shying away from the transaction because of the property’s connection to Kushner and the fact it was built using incentives meant for poor neighborhoods.
Kushner Cos. reportedly spent about $225 million to construct the 53-story tower.
Now they must repay a $140 million construction loan from CIT Group, which is due in September.
They also need to pay off EB-5 loans, which are entirely from Chinese investors, although they are not due for several years.
Recall how Kushner’s sister, Nicole Meyer, spoke about her brother during a marketing trip in Beijing as part of an effort to raise another $150 million in visa funding for a separate Jersey City project.
The Kushners also partnered with Gaia, an Israeli company with ties to Beny Steinmetz the subject of a Justice Department bribery investigation.
Kushner, the husband of Ivanka Trump, exited many projects since taking on his post at the White House. He has also reportedly vowed to avoid policy discussions on changing the controversial visa program.