Jared Kushner didn’t disclose stake in Cadre, $1B in loans: report

Experts say failure to report presents potential conflict of interest

TRD MIAMI /
May.May 02, 2017 11:15 AM

From TRD New York: When filling out his government disclosure forms, Jared Kushner omitted a few things, including his stake in a real estate tech company and at least $1 billion in loans.

The president’s son-in-law and senior advisor didn’t disclose his stake in Cadre, a tech startup he co-founded with his brother and Ryan Williams in 2014, or loans totaling at least $1 billion from 20 different lenders to properties and companies co-owned by Kushner, the Wall Street Journal reported. As a stakeholder in Cadre, Kushner is business partners with Goldman Sachs Group, Peter Thiel and George Soros (whose investment was first reported by The Real Deal in January).

His interest in Cadre is the kind of investment that would usually need to be disclosed. But his failure to publicly report the debt doesn’t necessarily violate disclosure rules, experts told the Journal. Still, there’s some concern that undisclosed business ties could present potential conflicts.

“Anything that presents a potential for the conflict of interest should be disclosed so that the public and the press can monitor this,” Trevor Potter, a Republican former chairman of the Federal Election Commission, said.

An attorney for Kushner noted that a revised version of his disclosure forms includes his stake in Cadre. According to the papers filed with the Financial Industry Regulatory Authority, Kushner holding company JCK Cadre LLC, owns 25 to 50 percent of Quadro Partners, Inc., which owns at least 75 percent of RealCadre LLC, which operates Cadre. Kushner has reduced his ownership stake to less than 25 percent, Kushner’s attorney Jamie Gorelick told the Journal.

In January, the White House announced that Kushner’s assets would be divestedin a trust administered by family members.  [WSJ] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
Yard 8 and Wood Partners CEO Joseph Keough (Courtesy of ACRE)

Wood Partners lands $86M refi for Midtown Miami apartments

Wood Partners lands $86M refi for Midtown Miami apartments
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Rendering of the project and from left: Vince Signorello, Ricardo Caporal and Greg West

Zom Living, partners score $57M loan for Ludlam Trail project

Zom Living, partners score $57M loan for Ludlam Trail project
arrow_forward_ios

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

Loading...