S Korean firms buy $100m debt on US residential property part-owned by Kushner Cos.

Ivanka Trump and husband Jared Kushner arrive at inauguration ceremonies swearing in Donald Trump as the 45th president of the United States on the West front of the U.S. Capitol in Washington, U.S., January 20, 2017. REUTERS/Carlos Barria/File Photo

Two South Korean financial firms have bought $100 million of debt on a New Jersey residential building that’s part-owned by the family of Jared Kushner.

Nonghyup Bank and trusts affiliated with IGIS Asset Management purchased junior pieces of a $200 million loan made by Citigroup Inc. on 65 Bay St., an apartment tower in Jersey City, Kroll Bond Rating Agency said in a research report Thursday.

Prior to receiving the Citigroup loan earlier this year, Kushner Cos. and its partner in the building, KABR Group, had trouble finding a firm to refinance more than $180 million of loans, including expensive construction debt and $50 million held by Chinese investors. Kushner Cos. had drawn criticism for pitches to Chinese investors that alluded to its White House ties. Jared Kushner is son-in-law and senior adviser to U.S. President Donald Trump.

A spokeswoman for Kushner Cos. and a representative for Citigroup declined to comment. A representative for Nonghyup in New York referred questions to offices in Seoul, where calls weren’t answered outside of normal business hours. A representative for IGIS didn’t respond to an email outside of normal business hours.

As of March, Jared Kushner still held a stake in the property through a trust. His lawyers have said he doesn’t discuss deals or investments in his family’s businesses since starting his White House job.

Nonghyup purchased a $60.4 million piece of the 65 Bay St. loan and IGIS U.S. Private Placement Real Estate Investment Trust No. 169 bought $39.6 million, Kroll said. Nonghyup’s deal was on behalf of another IGIS trust, for which it serves as a trustee, according to a filing from Citigroup.

Bloomberg reported the $200 million Citigroup loan in March. The remaining $100 million is being placed into commercial mortgage-backed securities.

The Jersey City tower is part of a complex near the Hudson River waterfront known as Trump Bay Street. The Trump name is used under license and neither the president nor the Trump Organization owns a stake in the complex, according to the property’s website.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.