The real estate company owned by the family of Jared Kushner, son-in-law and senior adviser to President Trump, is seeking $250 million to pay off its partners and lenders in a Jersey City apartment tower financed by Chinese investors through a program criticized as offering United States visas for sale.
The family business, Kushner Companies, spent about $225 million to build the luxury building, called Trump Bay Street. The 53-story tower, which opened last year, features amenities such as a poker room and an outdoor swimming pool with views of Manhattan.
The project was financed with about $190 million in loans, including $50 million through the EB-5 visa program. That program gives foreign investors preferential treatment in obtaining permanent residency, in exchange for investments of at least $500,000 in American development projects.
Kushner Companies must repay a $140 million construction loan from CIT Group, which is due in September. It also wants to pay off its EB-5 loans, which are all from Chinese investors, although the loans are not due for several years.
A company spokesman confirmed that it was seeking a $250 million loan.
