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

Jared Kushner (Credit: Getty Images)

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
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

arrow_forward_ios
Loading...