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Re: New PAD Trump building 25% financed with funds from investor visa holders
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Kushner’s New Jersey Trump Tower Got $200 Million Loan From CitigroupBy Dakin Campbell David Kocieniewski , and Caleb MelbyMarch 21, 2018, 8:46 AM EDT Trump Bay Street, a New Jersey luxury apartment tower part-owned by Kushner Cos., received a $200 million loan from Citigroup, according to two people familiar with the deal. It’s a coup for Kushner Cos. and their partner KABR Group, which need the funds to repay a construction loan that came due in September, as well as individual Chinese investors who put $50 million in the building through a visa-for-investment program. The companies had trouble finding lenders last year after Jared Kushner’s sister traveled to China, Bloomberg reported at the time. Kushner Cos. is owned by the family of Jared Kushner, son-in-law and senior adviser to President Donald Trump. The company and its partners have come under scrutiny as they do deals while Kushner undertakes U.S. policy. https://www.bloomberg.com/news/article ... llion-loan-from-citigroup
Posted on: 2018/3/21 13:59
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Kushners Hunting Hard for a Loan to Pay Back Chinese Investors
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Kushners Hunting Hard for a Loan to Pay Back Chinese Investors
by Sarah Mulholland and Caleb Melby June 5, 2017, 5:00 AM EDT The Kushner family real estate company is seeking a $250 million loan to pay back Chinese investors in a New Jersey luxury tower but finding some major U.S. banks wary of the controversies around its White House links and the visa program used to attract the investors. Kushner Cos. is sending out feelers for the loan against its 50-story Trump Bay Street in Jersey City. It would keep $50 million and use the rest to repay the investors and pay off a mortgage on the building, according to a person familiar with the negotiations who asked not to be identified because the talks are private. The company, which belongs to the family of Jared Kushner, President Donald Trump?s son-in-law and senior adviser, funded about a quarter of the $194-million development through the EB-5 visa program that grants wealthy foreigners green cards in exchange for investing in U.S. projects. Some large U.S. banks are shying away from the transaction because of the property?s connection to Kushner and the visa program, the person said. Unregulated lenders and non-U.S. banks will probably step into the breach. A Kushner Cos. spokesman declined to comment. The EB-5 program requires a foreigner to invest at least $500,000 in a project that helps an area with high unemployment or in need of development in exchange for a permanent resident visa. Lawmakers in Washington have been pushing for EB-5 changes for several years, calling for stricter oversight to guard against fraud and provide better access to economically strapped regions. Senator Chuck Grassley, an Iowa Republican, has introduced bipartisan legislation to end the program. Last month, Trump renewed the program through September. Congressional Concern The Kushners? reliance on EB-5 has come under criticism. Last week, three Democratic congressmen sent a letter to Kushner Cos. asking for information about how it has used EB-5. The letter raised concerns that the company?s participation in the program, including recent investor pitches in China, could pose conflicts for Jared Kushner?s policy-making role in the White House. Last month, Kushner Cos. was forced to pull out of an EB-5 presentation following criticism that Kushner?s sister invoked the company?s links to Trump as a selling point for investors in their deals. The U.S. lender skepticism follows a rough period of deal making for Kushner Cos. Over the past five months, the real estate company has seen talks for three major projects quashed, including negotiations with China?s Anbang Insurance Group Co. to refinance the family?s marquee Manhattan office tower. The spotlight grew brighter last week after reports that Jared Kushner was under scrutiny in an FBI investigation into possible links between Russia and Trump?s campaign during the 2016 presidential election. Kushner, the husband of Ivanka Trump, has divested ownership in many projects to close relatives and has vowed to avoid policy discussions on renewing the controversial visa program. https://www.bloomberg.com/politics/art ... ay-back-chinese-investors
Posted on: 2017/6/5 22:30
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Congress Extends EB-5 for Another WeekThe ultimate fate is still uncertain for the U.S. program, which allows foreigners to obtain green cards by investingOriginally published on April 28, 2017 Congress on Friday extended for a week the EB-5 immigration program, a way for rich foreigners to obtain green cards through investment in the United States, according to U.S. Citizenship and Immigration Services. The program that’s faced mounting scrutiny from lawmakers was set to expire but was saved—for now—in the nick of time as the government passed a continuing resolution to extend federal funding through May 5, which encompassed EB-5. “We have another week of EB-5,” said Steve Blando, spokesman for USCIS. The program allows foreigners to obtain green cards by investing at least $500,000 in economic development projects, which have tended to be luxury developments and hotels in urban centers like New York City, Miami and Los Angeles. It has directly benefited President Donald Trump and his top adviser and son-in-law Jared Kushner, who reportedly used EB-5 investors to finance Trump Bay Street, a luxury apartment complex in Jersey City, New Jersey. But the program would have come to a grinding halt without the short-term extension. http://www.mansionglobal.com/articles ... nds-eb-5-for-another-week
Posted on: 2017/4/29 0:36
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Trump is a crap businessman and most commentators will only 'fluff over' this fact.
His legacy will be that he's the son of a rich father, who struggles to balance the books or have any aptitude to grow his father's businesses. http://opinion.injo.com/2015/09/24774 ... and-his-record-proves-it/
Posted on: 2016/3/9 1:33
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: New PAD Trump building 25% financed with funds from investor visa holders
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Quote:
There isn't much in this thread, but it has certainly shown up in other ones. Heck, they don't even need to be foreigners. They can just be Jewish, and people start screaming foul play.
Posted on: 2016/3/8 20:51
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It's typical xenophobia. Despite being a nation of immigrants, people routinely dislike the new kid on the block.
Posted on: 2016/3/8 20:50
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Err, no. I posted a link to a story reporting on the financing on a new building rising in our city and then noted that the involvement of foreign investors in the Trump project is reminiscent of the thread about the Chinese firm constructing 99 Hudson. I didn't take a position on the matter either way.
Posted on: 2016/3/8 18:48
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Quote:
OP is
Posted on: 2016/3/8 16:44
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You are incorrect about foreigners owning real estate in China. Quote:
Who here is arguing against foreign investors??
Posted on: 2016/3/8 16:37
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Dos A Cero
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Re: New PAD Trump building 25% financed with funds from investor visa holders
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I have never really under why people are against this or foreigners investing in real estate here in NJ. These people end up paying a lot in property taxes which goes to fund schools here and it's a safe bet they're not making use the schools system here.
I am sure some of these same people are the ones complaining about teachers not getting paid enough, pensions not getting funded etc etc. The money has to come from somewhere right?
Posted on: 2016/3/8 16:16
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I think part of it also depends how much the person with the visa 'goes native'. Case in point: A Thai couple with a kid living in Newport. Husband has a professional job in Manhattan, wife is pretty much stay at home. Husband pretty much didn't stray outside of the Thai community (there is a big one complete with a temple in Queens). The wife via her kid got involved with school and all sorts of after school activities (other parents, etc.). The wife LOVED living here because of all the different activities available for the kid (compared to Thailand). The husband couldn't wait to go back. Another couple it was the husband who wanted to stay. However, he made much more money back in Thailand than here (his finances here were dicey.. research work pays poverty wages) so his wife wanted to go home. I think their eldest daughter is going to have a bit of an adjustment. Her Mom would ask her something in Thai and she would always respond in English. That kid thinks in English.
Posted on: 2016/3/8 15:01
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Yeah, the visa alphabet soup can get tricky and confusing quick. There are several "exceptional skills" visas that can get you here, some in a non-immigrant status, and others on the "green card" path. Interesting observation on the "wanting to stay, wanting to leave". I find most of the people here on professional / licensed degrees visas tend to like it a lot, with a few ones that can never seem to develop a desire to stick it out long-term/forever. Much depends on the economic and crime situation in their home countries.
Posted on: 2016/3/8 14:36
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The only VISA that I know the intimate details on is the K-1 and a little bit of the much abused H1-B.
It seems more than a few of my wife's friends & acquaintances used the E-2 and another VISA that allowed researchers into the country. She kept running into friends of hers from college or high school on the PATH train. 50% loved it here and never wanted to leave. The other half couldn't wait to go back to Thailand. Quote:
Posted on: 2016/3/8 14:19
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Visas for restaurant owners and other business owners are different. Those are usually granted E-2 visas, which have a lower capital requirement, but retain similar perks, such as the ability to renew pretty much forever.
Posted on: 2016/3/8 3:46
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Posted on: 2016/3/7 22:41
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One reason you see so many Thai restaurants (compared to say 20 years ago) is from Thais from wealthy families. They want to move to the USA and an investor visa is the easiest way to do it. So many just open a restaurant.
Posted on: 2016/3/7 21:35
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Are they? Their GDP per capital is in the 80s compared to other countries. And that's even if you trust their #'s, which are notoriously opaque. They have a massive scale due to billions of people so their total GDP is very high but I wouldn't say the economy is doing well. It has grown, sure, but only because it had so far to go. And much of the growth was imaginary/government fueled anyway. Anyways, China's economy would be much better if they allowed foreign investment. https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita
Posted on: 2016/3/7 21:34
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Pretty sure China prohibits foreigners from owning real estate and their economy, while recently struggling, is still one of the world's top economies.
Posted on: 2016/3/7 21:21
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the biggest offenses that PAD Trump building has committed are 1) contributing nothing attractive to the skyline
2) killing an entire block with street-level garages
Posted on: 2016/3/7 20:59
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Guys, take a look at countries without foreign investors. Their economies are not doing very well. Investing is a two way street. If foreigners are investing, it means we're getting something in return.
Posted on: 2016/3/7 20:38
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Meh. Nothing important here. The "Visa for Cash" program has been around for a while, and that's the only thing that was keeping the Miami economy humming along after it cratered during the housing crisis. Most of the buildings down there are financed with that program.
The link to Trump is tenuous, at best. The builder pays for using his name, and that's that. If that's the best that reporter can come up with to discredit or tarnish the guy, he should go look for another job. Plenty of other things for which anyone can write a much better take down piece.
Posted on: 2016/3/7 20:08
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Posted on: 2016/3/7 19:28
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New PAD Trump building 25% financed with funds from investor visa holders
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Bloomberg reports that the second tower at the Trump Development in the PAD has been 25% financed by wealthy foreigners through the EB-5 visa program.
That's the visa that bestows two-year residency in the US in exchange for investing $500,000 in the country. Kind of germane to the other thread discussing Chinese investment in the new tower going up at 99 Hudson Street. http://www.bloomberg.com/politics/art ... who-invest-cash-for-visas
Posted on: 2016/3/7 19:00
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