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The Real Deal
George Soros’ Soros Fund Management has quietly been financing the Kushner-backed real estate finance startup Cadre with a substantial credit line, according to sources familiar with the matter. A source familiar with the financing arrangement told The Real Deal that “Soros has had a long and productive relationship with the Kushner family.” Another source told TRD that Kushner Companies TRData LogoTINY president Laurent Morali played a key role arranging the financing, but a Kushner Companies spokesperson disputed that account, claiming that “Kushner Cos. has never been involved in Cadre in any capacity
Business Insider first reported the existence of $250 million credit line in June, but didn’t mention its source.
Cadre, founded by brothers Jared and Joshua Kushner and Blackstone alum Ryan Williams in early 2015, is an online investment platform that connects institutions with real estate deals in major markets like New York. Cadre generally invests in deals using the credit line before making them available to investors online.
In January, The Real Deal, a real-estate website, reported that Soros had helped finance Cadre, an online platform for investing in real estate founded by Jared Kushner and his brother Joshua. Institutions and wealthy investors use the platform to purchase stakes in property, mostly in major U.S. cities such as New York. Soros had provided the firm with a $250 million line of credit, the website reported. He has supported Democratic candidates and liberal causes and traded caustic insults with the Trump administration.
Town and Country Mag
A lifelong Democrat, Josh did not support Trump during the election, but he could stand to benefit from his presidency. In order to take on the position of Senior Advisor to the president, Jared Kushner sold many of his assets to his younger brother, and put several others into a trust run by his mother. According to the New York Times, ethicists are concerned about the arrangement, questioning "how meaning the divestiture would be" given that he is not putting his assets into a true blind trust. It also remains to be seen whether Josh's healthcare company Oscar could impact future healthcare legislation overseen by the Trump administration.
Soros vocally opposes Trump. “I have described him as an impostor and a con man and a would-be dictator,” Soros told Bloomberg last week. “But he’s only a would-be dictator because I’m confident that the Constitution and the institutions of the United States are strong enough.”