Jared Kushner's family property business is seeking federal funding for a $ 1.15 billion property deal, Bloomberg reports.
Kushner Cos. Has been in talks with federal lenders Fannie Mae and Freddie Mac for supporting the purchase of more than 6,000 rental apartments in 16 homes in Maryland and Virginia from private equity firm Lone Star Funds, two sources Bloomberg said. It is not clear how much money the company seeks.
It's the company's biggest deal for more than a decade, The Wall Street Journal reported.
Kushner Cos. President Laurent Morali told the journal that the company is planning to borrow about 70 percent of the cost of the Lone Star package. He said Kushner Cos. Was "to run a competition process" to select a lender, reported Journal. Morali has apparently not mentioned the federal lenders to the Journal.
President Donald Trump's son-in-law rejected his leadership role in Kushner Cos. He was sold from some assets in the family business when he became a senior white house advisor. At that time, the company held more than $ 500 million in loan from Fannie Mae and Freddie Mac, according to Bloomberg.
But Kushner is still a key stakeholder in the company and real estate agency. Real estate and other investments in Kushner and his wife, Ivanka Trump, were worth as much as $ 81
Peter Mirijanian, a spokesman for Jared Kushner's lawyer Abbe Lowell, emphasized Bloomberg that Kushner no longer manages the company and adds that he is "walls of any business or investment decision and has no idea or knowledge of these activities."
Fannie Mae and Freddie Mac are regulated by the Federal Housing Finance Agency, led by Trump employee Joseph Otting. He used to be the Managing Director of OneWest Bank, founded by Now Secretary of State Steven Mnuchin, who is considered a close ally of Kushner in the White House, notes Bloomberg.
Kushner Cos. Properties have been the target of several lawsuits. The New York State is investigating tenants' allegations that they were illegally forced out of their apartments in a Brooklyn building owned by Kushner Cos. So their homes could be sold as luxurious condos.
Last year, the New York City company asked $ 210,000 to file false building documents claiming that there were no rented tenants in apartments that the company planned to sell.
Maryland lawyer also launched a survey of operations on some of Kushner Cos. & # 39; Baltimore area apartment complexes following a lawsuit by tenants accused the company of charging them for incorrect fees.
Kushner Cos. Representatives have denied any wrongdoing.