Did Justice Kennedy's Son Bail Out Jared Kushner on The 666 Building? It Appears So.
durrati at Daily Kos
https://www.dailykos.com/stories/2018/6/29/1776576/-Did-Justice-Kennedy-s-Son-Bail-Out-Jared-Kushner-on-The-666-Building-It-Appears-So
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Just came across this story on Medium.com, it seems well sourced.
Here’s the relevant part:
According the New York Times, in 2007 Kushner Companies purchased “an aluminum-clad office tower in Midtown Manhattan, for a record price of $1.8 billion.” At the time the NYT wrote that this deal was “considered a classic example of reckless underwriting. The transaction was so highly leveraged that the cash flow from rents amounted to only 65 percent of the debt service.” The Times continues:
“As many real estate specialists predicted, the deal ran into trouble. Instead of rising, rents declined as the recession took hold, and new leases were scarce. In 2010, the loan was transferred to a special servicer on the assumption that a default would occur once reserve funds being used to subsidize the shortfall were bled dry. But the story may yet have a happy ending for Kushner, a family-owned business that moved its headquarters from Florham Park, N.J., to 666 Fifth, its first major acquisition in Manhattan.”
Who came to the rescue? None other than LNR Property, the company whose CEO at the time was Justin Kennedy. According to the NYT and the Real Deal, Mr. Kushner and LNR “reached a possible agreement with LNR Property, a firm specializing in restructuring troubled debt and which oversees the mortgage, that would allow him to retain control of the tower by modifying the terms of the $1.2 billion mortgage tied to the office portion of the building.” A spokesman for Mr. Kushner told the Wall Street Journal in March of 2011 that “[t]he Kushner’s are ready and willing to invest more money into the property as soon as they can come to mutually satisfactory terms with the servicing agent.” In that same article Kushner’s father-in-law and the future President commented on the negotiations with Justin Kennedy’s company. Speaking about the deal, Trump told the WSJ that Kushner is “a very smart young man…I think it (loan renegotiations) will come out well for him and everybody.” At this point there is no doubt that there was a direct business relationship between LNR and Kushner Companies at the time Justin Kennedy and Jared Kushner were both CEO. Even the future President was aware of the deal and commented on its respective merits. (That being said, it is not impossible that Jared Kushner and Justin Kennedy did not meet in connection with the specific deal in question; however, given the stakes involved it does seem more than likely that the two CEO’s would have interacted as negotiations were being conducted.)
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= new reply since forum marked as read
they own it
..against our Country, our democracy; the rule of law. Damn, if Mueller pulls at every thread this corrupt guy in WH is [has been] involved with, he'll never end the investigation ...it is a seemingly unending black hole.
Ps wtf