{"id":370,"date":"2018-03-01T19:36:45","date_gmt":"2018-03-02T00:36:45","guid":{"rendered":"http:\/\/www.gopplaybook.com\/?p=370"},"modified":"2018-03-01T19:36:45","modified_gmt":"2018-03-02T00:36:45","slug":"184-million-loan-on-kushner-owned-loop-office-tower-faces-scrutiny","status":"publish","type":"post","link":"https:\/\/www.gopplaybook.com\/?p=370","title":{"rendered":"$184 million loan on Kushner-owned Loop office tower faces scrutiny"},"content":{"rendered":"<header class=\"trb_ar_h\">\n<div class=\"trb_ar_hl\">\n<p class=\"trb_ar_hl_t\">\n<\/div>\n<\/header>\n<div class=\"trb_ar_main\">\n<div class=\"trb_ar_la\">\n<aside class=\"trb_em\" data-content-id=\"96056726\" data-content-size=\"leadart\" data-content-type=\"image\" data-content-slug=\"ct-1519932410-hjljat37nq-snap-image\" data-content-subtype=\"photo\" data-role=\"sc_item imgsize_ratiosizecontainer\" data-state=\"\">\n<div class=\"trb_em_m\">\n<figure class=\"trb_em_ic_figure\" data-role=\" delayload  delayload_done imgsize_item\"><img decoding=\"async\" class=\"i-amphtml-fill-content i-amphtml-replaced-content\" src=\"http:\/\/www.trbimg.com\/img-5a9853ff\/turbine\/ct-1519932410-hjljat37nq-snap-image\/1300\/1300x731\" \/><\/figure>\n<div class=\"trb_em_r\" data-role=\"lightbox_metadata\">\n<div class=\"trb_embed_related_credit_and_caption\">A 30-story office building at 225 W. Randolph St. is owned by Kushner Cos., the real estate investment firm owned by the family of presidential son-in-law Jared Kushner. A refinancing of the building is receiving scrutiny. (CoStar)<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<div>\n<div class=\"trb_ar_by\">\n<figure class=\"trb_ar_by_i_f\"><img decoding=\"async\" class=\"i-amphtml-fill-content i-amphtml-replaced-content\" src=\"http:\/\/www.trbimg.com\/img-58ca869e\/turbine\/ct-ryan-ori-20170315\/70\/70x70\" \/><\/figure>\n<p><span class=\"trb_ar_by_nm_pm\"><span class=\"trb_ar_by_nm_au\" data-byline-withoutby=\"\"><a class=\"trb_ar_by_nm_au_a\" href=\"http:\/\/www.chicagotribune.com\/business\/columnists\/ct-ryan-ori-20170315-staff.html#nt=byline\" target=\"_blank\" rel=\"noopener\">Ryan Ori<\/a><\/span><a class=\"trb_ar_by_cl\" href=\"mailto:rori@chicagotribune.com?subject=Regarding:%20%22$184%20million%20loan%20on%20Kushner-owned%20Loop%20office%20tower%20faces%20scrutiny%22\" target=\"_blank\" rel=\"noopener\">Contact Reporter<\/a><span class=\"trb_ar_by_nm_pb\">Chicago Tribune<\/span><\/span><\/div>\n<div class=\"trb_ar_dateline\">\u00a0March 1, 2018<\/div>\n<\/div>\n<div class=\"trb_ar_bd\">\n<div class=\"trb_ar_page\" data-role=\"pagination_page\" data-content-page=\"1\">\n<p>Jared Kushner\u2019s real estate firm is facing scrutiny over the recent $184 million refinancing of its Loop office tower by a private equity fund after its founder met with Kushner at the\u00a0<a id=\"PLCUL000110\" title=\"White House\" href=\"http:\/\/www.chicagotribune.com\/topic\/politics-government\/government\/white-house-PLCUL000110-topic.html\" target=\"_blank\" rel=\"noopener\">White House<\/a>.<\/p>\n<p>Kushner Cos., owned by the family of President\u00a0<a id=\"PEBSL000163\" title=\"Donald Trump\" href=\"http:\/\/www.chicagotribune.com\/topic\/politics-government\/donald-trump-PEBSL000163-topic.html\" target=\"_blank\" rel=\"noopener\">Donald Trump<\/a>\u2019s senior adviser and son-in-law, on Nov. 1 took out the $184 million loan on the 30-story building at 225 W. Randolph St., according to Cook County property records.<\/p>\n<p>On Wednesday, The New York Times reported the loan from an affiliate of Apollo Global Management was made after Apollo founder Joshua Harris met multiple times with Kushner at the White House. Topics of the meetings included a potential White House job for Harris, which never materialized, according to the Times\u2019 report. Kushner is married to Ivanka Trump, the president\u2019s daughter.<\/p>\n<\/div>\n<p>The report is the latest twist in the 10-plus years that Kushner\u2019s New York-based firm has owned the Randolph Street tower, which is AT&amp;T\u2019s Midwest regional headquarters.<\/p>\n<p>A group of investors led by Kushner Cos. bought the approximately 849,000-square-foot office building for $275.7 million in December 2007, as real estate values were peaking ahead of an eventual crash.The deal was a sale-leaseback, in which AT&amp;T signed a 15-year lease for the entire building.<\/p>\n<p>Kushner has made multiple attempts to sell the building in recent years, for even more than the firm paid in 2007. Yet as the term of AT&amp;T\u2019s lease has decreased, thus driving down the perceived value of the tower, Kushner has been unable to find a buyer.<\/p>\n<p>The loan from Apollo represents a significant increase in debt on the Randolph Street tower. It replaces a $132.2 million loan from PNC Bank that was set to mature two months before Kushner secured the new loan, according to county property records.<\/p>\n<p>The loan from Apollo matures in 2021, with a potential extension to 2023, according to loan documents.<\/p>\n<p>Since the sale-leaseback deal, AT&amp;T has subleased some of its space in the building to other tenants. By the time the loan extension option arrives, AT&amp;T\u2019s long-term intentions for the building \u2014 and thus the property\u2019s value \u2014 are likely to be clearer. AT&amp;T\u2019s lease expires at the end of 2022, according to an HFF marketing flyer from when the tower previously was on the market for sale.<\/p>\n<p>Should AT&amp;T reduce its space significantly, or leave the tower entirely, Kushner could be hard-pressed to secure a new loan large enough to replace the recent $184 million in debt.<\/p>\n<p>The AT&amp;T building is Kushner\u2019s only Chicago property. The Holabird &amp; Root-designed building was completed in 1967 and has been renovated in 1991 and 2007, according to the marketing flyer from brokerage HFF.<\/p>\n<p><em><a href=\"mailto:rori@chicagotribune\" target=\"_blank\" rel=\"noopener\">rori@chicagotribune.com<\/a><\/em><\/p>\n<p><em>Twitter\u00a0<a href=\"https:\/\/twitter.com\/Ryan_Ori\" target=\"_blank\" rel=\"noopener\">@Ryan_Ori<\/a><\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A 30-story office building at 225 W. Randolph St. is owned by Kushner Cos., the real estate investment firm owned by the family of presidential&#8230;<\/p>\n","protected":false},"author":1,"featured_media":371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[11],"tags":[],"class_list":["post-370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-politics"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.gopplaybook.com\/wp-content\/uploads\/2018\/03\/2018-03-01_19-35-06.jpg?fit=690%2C458&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8VBh7-5Y","jetpack-related-posts":[{"id":440,"url":"https:\/\/www.gopplaybook.com\/?p=440","url_meta":{"origin":370,"position":0},"title":"&#8216;Jared has faded&#8217;: Inside the 28 days of tumult that left Kushner badly diminished","author":"Donnie","date":"March 2, 2018","format":false,"excerpt":"White House senior adviser Jared Kushner watches as President Donald Trump speaks during a Cabinet meeting on Dec. 20, 2017. 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