Kushner Cos. LLC and partner KABR Group secured a $200 million loan from Citigroup for Trump Bay Street at 65 Bay St. in Jersey City, N.J., Bloomberg reported, citing two unidentified people privy to the matter.
According to the report, the loan is meant to repay a construction loan that came due in September 2017 and Chinese investors who pumped $50 million into the luxury apartment property through a visa-for-investment program.
In 2017, Citigroup issued a $325 million loan for a separate Kushner development shortly after Jared Kushner, whose family owns Kushner Cos., met with Citigroup's CEO Michael Corbat at the White House.
Jared Kushner is son-in-law and senior adviser to President Donald Trump, the news outlet noted.
Kushner Cos. and KABR did not offer a comment on the matter.
The diversified real estate company's website notes that the Jersey City property was refinanced for $240 million.