Kushner Companies is looking to refinance a Jersey City apartment building to the tune of $250 million to pay back EB-5 investors, but major U.S. banks are shying away from the deal.
Jared Kushner’s family’s firm is “sending out feelers” to refinance the 50-story Trump Bay Street, Bloomberg reported. The company would keep $50 million and use the balance of the $250 million loan to repay investors and pay down existing debt on the property.
The Kushners financed about a quarter of the $194 million development through the controversial EB-5 program, and some large U.S. banks are wary of lending on the project because of the connection to Jared and the visa program, according to Bloomberg.