The Real Deal New York

Kushner got $50M in EB-5 funding for Trump Bay Street

Nearly all investors were Chinese, despite GOP frontrunner's rhetoric
March 07, 2016 11:31AM

Donald Trump, a rendering of the Trump Bay Street in Jersey City and Jared Kushner

From left: Donald Trump (credit: Donald Trump for President), a rendering of the Trump Bay Street in Jersey City (credit: Kushner Companies) and Jared Kushner

GOP presidential frontrunner Donald Trump’s views of immigration and Chinese competition seemingly didn’t affect his son-in-law Jared Kushner’s pursuit of EB-5 financing for his Trump Bay Street project in Jersey City.

Kushner Companies and partner KABR Group raised $50 million in funds through the controversial program for the planned 50-story, 447-unit rental tower at 65 Bay Street, about a quarter of the total financing, Bloomberg reported, citing the U.S. Immigration Fund’s Mark Giresi.

Nearly all the investors were Chinese, Giresi told the news service.

The marketing video for the project included Chinese subtitles, Bloomberg reported.

Trump – whose Trump Organization is only involved with the project as a brand licenser – has been highly critical of China during his presidential campaign.

“They’ve taken our jobs, they’ve taken our money, they’ve taken everything,” the developer and reality star said last month, according to Bloomberg.

The EB-5 program grants visas to foreign nations who invest at least $500,000 in U.S. projects that create a certain minimum amount of jobs in the country.

It was renewed in December with no changes, despite criticism the program lacked oversight and was plagued by fraud. [Bloomberg]Ariel Stulberg