China’s Anbang Insurance Group plans to arrange $4 billion in construction loans and invest $400 million in equity for a Manhattan office tower at 666 Fifth Avenue owned by Kushner Companies, which was until this year headed by Jared Kushner, son-in-law of President Donald Trump, according to a report today in Bloomberg.
Under the terms of the reported deal, Anbang, which is closely tied to family members of former senior officials in China, would buy out the Kushner familys’ partner in the midtown Manhattan project. The agreement would also see Anbang helping to provide financing for a long-proposed redevelopment, and eventually take a controlling stake in the 60-year-old building.
Anbang’s investment values 666 Fifth at $2.85 billion, and the Kushner Companies would maintain a 20 percent stake. Together Anbang and Kushner plan to refinance the $1.85 billion mortgage and raise $850 million in funding through the controversial EB-5 investor visa program to build condos. The project is also slated to receive $100 million in investment from other investors.
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