Jared Kushner’s Company Was Approved For $800M In Gov’t Backed Loans
Jared Kushner’s real estate firm financed a recent $1.15 billion acquisition from private equity firm Lone Star Funds through loans backed by federal mortgage provider Freddie Mac, according to a Bloomberg report.
The federal government allegedly secured an $800 million loan the president’s son-in-law acquired from a Berkshire Hathaway affiliated lender and Jefferies Financial Group. The deal in question, through which Kushner will acquire 6,300 apartments across 16 properties, is the company's biggest in a decade.
Kushner transferred his ownership in “many” of the company’s assets to family members when he joined the government.
“Mr. Kushner has had no role in the Kushner Companies or its activities since joining the government over two years ago,” said Peter Mirijanian, a spokesperson for Kushner’s attorney. Kushner Cos. had close to $500 million in loans from Fannie and Freddie at the beginning of Trump’s administration, according to the New York-based outlet.
“He is walled off from any business or investment decisions and has no idea or knowledge of these activities,” said Mirijanian in regard to the deal when Bloomberg first reported on it in February.