The bank most recently played a role in a transaction involving a Kushner Companies loan in Brooklyn.
By Justin Elliot
A bank that had been under federal investigation until last year has
played a role in two recent real estate transactions involving Kushner
Companies, Jared Kushner’s family company.
Earlier this month, BofI Federal took over a mortgage previously
owned by the Kushner Companies for a development in Brooklyn, New York
City real estate filings show.
The previously unreported transaction involves a loan on a development
project in the historically industrial, now gentrifying Bushwick
neighborhood. Kushner Companies had made
a loan of roughly $30 million to the project at 215 Moore Street in
late 2016. Jared Kushner remains a senior adviser to President Donald
Trump.
BofI, which was previously known as Bank of Internet USA, said in a
statement to ProPublica that it “has no exposure or relationship with
Mr. Kushner or his company with respect to 215 Moore St.” The bank
likened the transaction to a routine refinancing.
In another transaction last October, the Kushner Companies got a $57
million loan on one of its own projects in New Jersey. BofI Federal
provided much of the money behind that loan, Bloomberg reported last week.
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Source: ProPublica
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