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
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

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Grand Lake Apartments and Yamal Yidios

Ytech sells a shuttered apartment complex in Belle Glade

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Neiman Marcus CEO Geoffroy Van Raemdonck (Credit: Getty Images)

Struggling Neiman Marcus scores loan from Credit Suisse for Coral Gables store

Developers land $74.5M loan for condo construction project at Ocean Reef Club

Developers land $74.5M loan for condo construction project at Ocean Reef Club

arrow_forward_ios