Economics
Kushners' Loan for Troubled N.J. Site Backed by Web Lender
- Family claims discrimination; city says it doesn’t have funds
- Plan for two towers lost startup WeWork as anchor tenant
Jared Kushner’s Rise to Power Mirrors Trump's
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The company owned by the family of presidential son-in-law Jared Kushner says Jersey City, New Jersey, a Democratic stronghold, is blocking its plan to build two towers because of politics and hinted a lawsuit is possible. Behind the fight there’s another struggle: paying for the project.
The Kushners obtained temporary funds from a web-based lender that specializes in risky loans shunned by other financial firms, Bloomberg has learned. Earlier plans for the project at 1 Journal Square collapsed when WeWork, the workspace startup, left. Much of the development’s financing had been tied to its participation.