Bank of Internet, Which Had Been Under Federal Investigation, Appears In Multiple Kushner Deals

 

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