Kushner Company seeks $250 million to pay off Chinese investors who sought visas


The Kushner family real estate company is seeking a $250 million loan to pay off Chinese citizens who invested in a Jersey City luxury building with the purpose of obtaining EB-5 visas, The New York Times reports. The Kushner Company spent around $225 million to build the site, Trump Bay Street, which opened last year. About $50 million of the project's $190 million in loans came from the EB-5 visa program.
The program, which rewards investments of over $500,000 with EB-5 visas to the U.S., has been highly controversial and gotten the Kushner Company into hot water. Additionally, while President Trump's son-in-law and White House adviser Jared Kushner resigned as the chief executive of the Kushner Company, he has retained economic interest in the Jersey City site. "A White House official has said Mr. Kushner shed his interests in projects expected to require large transactions with parties that had not yet been identified. It is unclear why he did not divest his stake in the Jersey City building, with the hoped-for refinancing appearing to present similar issues," the Times reports.
Kushner Companies also needs to pay a $140 million construction loan by September.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Can Trump put his tariffs on stronger legal footing?
Today's Big Question Appeals court says 'emergency' tariffs are improper
-
Film reviews: The Roses, Splitsville, and Twinless
Feature A happy union devolves into domestic warfare, a couple's open marriage reaps chaos, and an unlikely friendship takes surprising turns
-
Thought-provoking podcasts you may have missed this summer
The Week Recommends Check out a true crime binger, a deep-dive into history and more
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year