Donald Trump takes new $100 million loan on Trump Tower; refinance handled by supporter

Former US President Donald Trump has refinanced the $100 million mortgage on his flagship Manhattan skyscraper, Trump Tower, reported Forbes citing New York City records. The loan is provided by Axos Bank in San Diego. According to federal election records, bank’s CEO Greg Garrabrants has already donated around $50,000 to Republican campaigns and $9,600 in donations to support Trump, since 2012.

As per the report, the previous $100 million dollar loan on Trump Tower had been scheduled to come due in September. In September 2021, that same loan was placed on a debt watch list after the loan’s master servicer, Wells Fargo said that the occupancy had plunged to 78.9% from 85.9% at the end of 2020. At that point, several tenants had fallen behind on the rent such as Marc Fisher Footwear. Eric Trump has signed the loan documents as the president of Trump tower Commercial LLC.

According to Insider, Marc Fisher Footwear had manufactured former US President’s daughter, Ivanka Trump’s shoe line on Trump Tower’s 21st and 22nd floors. Trump Towers houses Trump’s three-story penthouse and the offices of his real estate company called the Trump Organisation. Forbes had valued Trump Tower at $285 million in November last year and the former US President had an estimated $1.3 billion in debt across all his properties in the United States, as of October 2021.

‘We had no problem refinancing’, said Eric

Eric Trump was quoted by Forbes as saying, “Trump Tower is one of the most iconic properties in the world and sits on arguably the most prestigious corner in all of New York…We have incredibly low debt, have a tremendous amount of cash and have an extremely profitable company. We had no problem refinancing.”

It is to note here that debt-laden former US President is also eyeing the 2024 presidential elections in the US. Ever since he left the White House at the end of his term, Trump has been living in his Florida property while vigorously holding rallies and public appearances. Most recently, on Saturday evening, a plane carrying Trump made an emergency landing in New Orleans after experiencing engine failure over the Gulf of Mexico, a source familiar with the matter confirmed on Wednesday.

(Image: AP)