In the NBA world, 76ers owner Josh Harris is best known for condoning Sam Hinkie’s process, having second thoughts amid the planned losing then turning the team over to the Colangelos.
Now, Harris is drawing attention for his dealings with President Donald Trump’s senior adviser and son-in-law, Jared Kushner.
Joshua Harris, a founder of Apollo Global Management, was advising Trump administration officials on infrastructure policy. During that period, he met on multiple occasions with Jared Kushner, President Trump’s son-in-law and senior adviser, said three people familiar with the meetings. Among other things, the two men discussed a possible White House job for Mr. Harris.
The job never materialized, but in November, Apollo lent $184 million to Mr. Kushner’s family real estate firm, Kushner Companies. The loan was to refinance the mortgage on a Chicago skyscraper.
Even by the standards of Apollo, one of the world’s largest private equity firms, the previously unreported transaction with the Kushners was a big deal: It was triple the size of the average property loan made by Apollo’s real estate lending arm, securities filings show.
Apollo has sought ways to benefit from the White House’s possible infrastructure plan. And its executives, including Mr. Harris, had tens of millions of dollars personally at stake in the tax overhaul that was making its way through Washington last year.
An Apollo spokesman, Charles V. Zehren, said Mr. Harris was not involved in the decision to loan money to Kushner Companies. He said the loan “went through the firm’s standard approval process.”
My first question: Is triple the average loan size within Apollo’s normal range? It might be. By definition, some loans will be above the average size.
Either way, there’s probably enough plausible deniability to avoid any findings of wrongdoing.