Trump refinances mortgage on Trump Tower with $100 million loan – METRO
By Kara Scannell, CNN
Wednesday, March 9, 2022, 6:22 p.m. CST
Spencer Platt/Getty Images
Former President Donald Trump refinanced the mortgage on Trump Tower with a $100 million loan from California bank Axos, according to a new filing with the city.
The loan document was signed on Feb. 15 by Eric Trump, who along with his brother, Donald Trump Jr., has led the Trump Organization on a daily basis since their father became president in 2017.
Financial terms of the loan were not disclosed.
Eric Trump told CNN in a statement that “Trump Tower is one of the most iconic properties in the world and sits in arguably the most prestigious corner of all of New York City. We have incredibly low debt, have a huge amount of money and have an extremely profitable company. We have had no problems refinancing.”
A spokesperson for Axos Bank declined to comment.
The refinancing by Axos Bank, whose chairman has donated to Trump’s political campaigns, comes as the Trump Organization has come under scrutiny and questions have swirled about the state of the company.
The Manhattan District Attorney’s Office says its criminal investigation into the former president’s company is continuing even after two top prosecutors led the investigation resigned last month.
The New York State Attorney General is conducting a civil investigation and has subpoenaed Donald Trump, Trump Jr. and Ivanka Trump for their testimony. Investigators at that office have alleged in court filings that they found evidence that the Trump Organization used fraudulent or deceptive asset valuations to obtain a host of economic benefits, including loans, life insurance, insurance and tax deductions. On the financial statements, they alleged, there were numerous “misleading statements and omissions”.
The Trump Organization and its chief financial officer, Allen Weisselberg, were indicted last summer for allegedly running a 15-year tax fraud scheme. The Trump Organization and Weisselberg have pleaded not guilty to the charges. Last month they asked a judge dismiss the indictment.
The loan was signed days after New York investigators released a letter from Mazars USA, the former president’s longtime accounting firm, saying the Trump Organization and its lenders should no longer stand together. proud of 10 years of financial statements. The Trump Organization has retained the services of another accounting firm.
The previous mortgage was provided by Ladder Capital, which has lent the Trump Organization millions of dollars over the years, according to financial information made public when Trump was president. Weisselberg’s son, Jack Weisselberg, is an executive at Ladder Capital.
The new Trump Organization lender is led by Gregory Garrabrants, who has donated nearly $10,000 to campaigns associated with Trump since 2020.
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