It has been revealed that Jared Kushner’s family is in debt to Chinese investors for $250 million for a real estate development project and U.S. banks are hesitant to loan them the money.
According to Bloomberg Politics, Kushner companies have been trying to get a loan against their 50-story Trump Bay Street luxury tower in Jersey City so they pay off the mortgage and investor who gave money for the development.
Kushner would make about $50 million on the loan.
Kushner’s company raised almost a quarter of the $194 million development through the EB-5 visa program, which gives wealthy foreigners a green card if they invest in the United States.
However, many American banks hare wary about getting involved because of Kushner’s role in the white House and because of the controversy surrounding the visa program.
Kushner Cos. received a letter last week from three Democratic lawmakers who voiced their concern over abuse of the EB-5 program and conflicts over Kushner’s job as a White House adviser.
Last month, Kushner’s sister bragged about the family’s ties to the president during an EB-5 presentation.
Kushner’s family may be forced to borrow from unregulated lenders and foreign banks to pay back their debt to Chinese investors.
Although no date has been set, Kushner will likely testify before the Senate and House Intelligence committees about his meetings with Russian officials. He will likely be grilled by congressional investigators about looking for someone to buy his 41-story tower at 666 Fifth Avenue while attempting to set up a secret back channel with Russia.