Trump Soho debt recapitalized, paid down


Donald Trump, Alex Sapir and Trump Soho

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Troubled lender iStar Financial has reached a deal with Los Angeles investment firm CIM Group to recapitalize the debt on Trump Soho, the condominium-hotel at 246 Spring Street, the project’s developers told Bloomberg News. According to the statement from Bayrock Group and the Sapir Organization, iStar has been “substantially paid down and all project indebtedness has been extended as a result of new debt financing.” With $295 million in debt, Trump Soho was one of the biggest loans in iStar’s portfolio, and the developers have been under intense scrutiny as they struggle to sell off units. The lender, in its bid to avoid having to file for bankruptcy next year, has reportedly been considering refinancing its loans with a new $1 billion to $2 billion credit line. [Bloomberg]