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.