Kushner lands $200M Citigroup loan for Trump Bay Street

Developer reportedly struggled to refinance Jersey City tower

TRD New York /
Mar.March 21, 2018 10:45 AM

Trump Bay Street, Mike Corbat and Jared Kushner (Credit: CityRealty and Getty Images)

UPDATED, March 21, 3:40 p.m.: Kushner Companies refinanced its Jersey City rental apartment tower Trump Bay Street with a $200 million Citigroup loan.

The mortgage is the second deal between the two companies since Jared Kushner met with Citigroup CEO Mike Corbat at the White House in March 2017. A Citi spokesperson told Bloomberg that the loan was not discussed at the meeting, and that Corbat was unaware Citi was making a loan.

The New York Times previously reported that the bank refinanced a Kushner-owned Brooklyn office portfolio with a $325 million loan after the meeting, raising questions over conflicts of interest for a senior White House adviser whose family has substantial real estate holdings.

Kushner Companies also landed a $184 million loan from Apollo Global Management for a Chicago skyscraper in November. The firm’s founder Joshua Harris previously met Kushner at the White House on several occasions.

“Kushner Companies says contrary to Bloomberg’s false claim in its article, which could not have been based on any first hand knowledge, it had many options for financing of the building but chose Citi with whom it has done many successful projects in the past,” a spokesperson for Kushner said in a statement. The project is being co-developed by KABR Group.

A Kushner Companies spokesperson previously told The Real Deal that the Chicago and Brooklyn buildings were “high-performing assets” and the company didn’t need help finding financing. Kushner’s White House job had no bearing on the family company’s relationships with financial institutions, the spokesperson previously said.

Kushner Companies funded construction of the Jersey apartment tower with the help of $50 million from the EB-5 cash-for-visa program. The company was reportedly struggling to refinance the tower.  [Bloomberg]Konrad Putzier


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Citigroup CEO Michael Corbat (Credit: Getty; iStock)

Doublewide cubicle? Citigroup eyes suburban offices so workers can spread out

Doublewide cubicle? Citigroup eyes suburban offices so workers can spread out
A rendering of 1998 Second Avenue in Harlem and Peter Fine (Credit: GF55 Architects)

Peter Fine inks $70M construction loan for Harlem resi project

Peter Fine inks $70M construction loan for Harlem resi project
Photo illustration of Kusher Companies President Laurent Morali, Charles Kushner and the GM Building (Credit: Sasha Maslov, iStock, Trump Organization)

Kushner Companies moving from 666 Fifth to GM Building

Kushner Companies moving from 666 Fifth to GM Building
JPMorgan Chase's Jamie Dimon and Fortress Investment Group's Wes Edens (Dimon via Mark Wilson/Getty Images; Edens via Scott Olson/Getty Images)

JPMorgan, Fortress are the latest firms to build up war chests

JPMorgan, Fortress are the latest firms to build up war chests
326 West 87th Street and 30 Park Place (Credit: Google Maps)

Luxury home contracts reach highest levels since shutdown

Luxury home contracts reach highest levels since shutdown
Clockwise from left: 301 First Avenue New York, the Barclay hotel at 111 East 48th Street and 30 Park Avenue (Credit: Google Maps)

These were Manhattan’s largest real estate loans in April

These were Manhattan’s largest real estate loans in April
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...